It goes without saying that construction is among the job sectors most vulnerable to shifting market conditions with employment numbers ultimately being influenced by everything from the weather to energy prices.
While the industry as a whole endured some difficult times in the wake of the recession, it has since experienced a sustained recovery. Indeed, consider a recently released report by the Associated General Contractors of America.
According to the AGC report, 43 states saw the number of construction jobs added increase between February 2015 and February 2016. Indeed, the following five states added the most construction jobs during this 12-month period:
- California: 53,800 jobs
- Florida: 25,800 jobs
- New York: 19,100 jobs
- Massachusetts: 14,600 jobs
- Washington: 11,700 jobs
Breaking the numbers down further, the following five states that saw the highest overall percentage of new construction jobs during this 12-month period:
- Hawaii: 19.1 percent
- Rhode Island: 14.6 percent
- Massachusetts: 11 percent
- New Hampshire: 10.2 percent
- Tennessee: 8.8 percent
(Florida came in at number 12 with 6.2 percent)
As for the states that saw the highest overall percentage of lost construction jobs during this 12-month period, these included:
- North Dakota: -14.5 percent
- Alaska: -8.2 percent
- Wyoming: -7.2 percent
- West Virginia: -6.9 percent
- Kansas: -6.5 percent
According to the AGC, these trends can be attributed to such factors as favorable meteorological conditions among the 43 states and a decline in energy production from oil drilling to coal mining in the 7 states.
As demonstrated by the forgoing discussion, the construction industry is thriving here in Florida. Accordingly, any builder with visions of developing a property in this competitive market should strongly consider speaking with a skilled legal professional to help make sure that everything is in order before — and after — breaking ground.