Construction Up! Wages Up!
- By: admin
- On: 08/12/2018 10:21:14
- In: Weekly Update
Construction activity continues to grow with 40,000 to 50,000 new jobs anticipated in each of the next three years, according to a report released June 21, 2018 from the Center for Business and Policy Research at the University of the Pacific.Construction wages have been among the fastest growing of all sectors as employers compete for a limited supply of skilled workers. The report also forecasts strong growth for California's economy through 2019 despite an uncertain policy environment and financial market volatility.
Good news for the materials industry, driven in large part by the significant transportation investment enacted under California Senate Bill 1 (SB 1) —signed into law April 28, 2017. The funding generated by SB 1 will support at least $182.6 billion in increased economic activity and benefits for California residents and businesses over the next 10 years, averaging $18.3 billion per year.
As the investment increases during this period, SB 1 will support an additional 682,029 job-years throughout all sectors of the state's economy, over the 10 years. This translates to an average of 68,203 jobs each year.
A February 2018 report by the American Road & Transportation Builders Association (ARTBA) concludes over the first 10 years of the bill, an additional $111.8 billion in economic output will be added and 682,029 job-years created. These workers will earn nearly $33 billion. Download the full ARTBA report at calcima.org.