A recent analysis of Bureau of Labor Statistics data released by the Associated Builders and Contractors shows construction companies will need to hire 430,000 more workers in 2021 than they employed in 2020, according to www.abc.org. The analysis also reported 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 reportedly incorporates several variables that could affect the U.S. construction spend and employment demand during the next few years, including inflationary pressure; rising commodity costs and other global supply chain concerns; and the vaccine rollout.
According to estimates from economic consulting firm Markstein Advisors, construction spending is likely to reach $1.45 trillion in 2021—up 1.3% from 2020. This would result in employment demand increasing by 430,000 in 2021 from actual employment of 7.829 million in 2020. A higher growth rate scenario could boost the number of additional construction workers needed in 2021 to nearly 1 million.