The Bureau of Labor Statistics (BLS) has released its projections for job growth for the period from 2014-2024, and construction job growth leads the goods producing sector with an increase of almost 800,000 jobs. That is good news for the industry, but one statement in the release is revealing. “Construction is projected to add 790,400 jobs by 2024. Even with these additional jobs, employment in the construction major sector is not projected to return to the 2006 peak.”
The numbers show a picture of continued growth in the service sectors, especially in healthcare (25% of the total job growth or 3.8 million jobs) that reflects the aging population. Manufacturing is projected to be the big loser with the 2024 numbers reflecting a loss of 814,000 jobs, likely to increased productivity at home or continued globalization of the manufacturing workforce.