2018 Q2 Economic Indicators

12 Month Performance Summary

The construction industry has seen a 4.4% increase in net new jobs (308,000) since the first of the year. Industry unemployment decreased to 3.4% in July, which is the lowest in recorded history. Construction starts are up 2% Jan.-July 2018 from the same period last year. While these numbers look good, there is still a lack of skilled workers, and the pinch is being felt on construction schedules. Even after careful planning and paying attention to the labor market and concurrent local projects, schedules are being delayed. The consequences of which are felt throughout the project’s duration. Organizations are working to make a difference. Workforce development is a high priority of the Associated Builders and Contractors, Inc. (ABC) and they are pushing to expand apprenticeship opportunities in congressional testimony. Miles-McClellan is an active member of the ABC both in Central Ohio and Charlotte. Trade partners that invest in their people and workforce development programs, generally are also members of ABC. We participate because we want to have relationships with those companies. The apprenticeships that are happening now aren’t necessarily putting more people on jobs right now, but it speaks to the commitment from within the industry to improve the labor market.