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The Bureau of Labor Statistics (BLS) released a ten-year forecast projecting a 5.6% increase in construction employment. The August report also forecasts installation, maintenance, and repair occupations to grow 5.3% in the next decade. Both estimates are above the 4.0% expectation for all occupations in the same period.
The BLS forecasts the US economy will add 6.7 million jobs in all industries from 2023 to 2033. The compound annual growth rate for all employment is expected at 0.4% for 2023-2033, slower than the recorded growth rate of 1.3% in the 2013-2023 decade.
Construction industry employment is forecast to add 380,100 jobs over the next decade, reflecting a modest annual growth rate of 0.5% from 2023 to 2033.
Industry Sector Forecast: Wage Growth and Employment Change
Image: US Bureau of Labor Statistics
Construction and maintenance occupations held the top two spots on the list of the fastest-growing jobs over the next decade. Wind turbine service technicians and solar photovoltaic installers are expected to add 20,000 jobs between 2023 and 2033. According to the BLS statement, increased electrical needs of data centers and electric vehicles will fuel the demand for these roles in the next ten years.
Slowing overall population growth rates and growth in the older age groups are projected to reduce the labor force participation rate over the next ten years. The construction industry continues to face labor shortages and staffing challenges for a number of reasons (See, Why Is There a Labor Shortage in Construction?).
The BLS added a word of caution to the forecast, noting that it “does not account for the inherent uncertainty of predicting the long-term changes in the labor market” and is a guide on the direction of industries and occupations.
About ConstructConnect
Construction Starts Here™ at ConstructConnect, where our mission is to help the construction industry start every project on a solid foundation. A leading provider of software solutions for the preconstruction industry, ConstructConnect empowers commercial construction firms to streamline their workflows and maximize productivity. ConstructConnect operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000.
