WASHINGTON, March 23 — According to an Associated Builders and Contractors (ABC) study of U.S. Bureau of Labor Statistics data released this week, the construction industry will need to hire 430,000 workers in 2021. The analysis also revealed that every $1 billion in extra construction spending generates an average of at least 5,700 construction jobs.
"According to forecasts analyzed during the COVID-19 pandemic, an impressive 430,000 more construction workers still need to be hired in 2021 to meet the demand, evidence that the construction industry is powering America’s recovery and economic engine,” said ABC President and CEO Michael Bellaman. “ABC’s annual forecast incorporates several variables that may affect the U.S. construction spend and employment demand over the next few years. These variables, which range from inflationary pressure, rising commodity costs and other global supply chain concerns to the regulatory and legislative trajectory of a new administration and the vaccine rollout domestically and even globally, are considered in the ABC cone of probability.”
As of February, seasonally adjusted average hourly earnings in construction were 7.7% higher than total private average hourly earnings. For all of 2020, construction average hourly earnings were 7.8% higher than total private average hourly earnings.
Other key findings include analysis on construction spending and job creation in 2020. The spread of COVID-19 and efforts to limit its effect on the population had a substantial impact on construction activity and employment.
View the full 2021 forecast of construction spending, job creation, employment here.