Commercial construction soars as residential construction lags behind
The National Association of Realtors released their April 2019 report, which projects that housing starts will increase from 1.362 million in 2018 to 2 million by 2028, based on data surrounding job growth in building construction and the impact of construction jobs on housing starts.
Compared to the level one year ago, there was job growth in 47 states, and the job growth in Washington, Arizona, Colorado, Texas, Florida, Georgia, and New York outpaced the national average.
The net payroll increase of 2.5 million payroll jobs in almost all industries translates to an annual demand of 1.25 million housing units.
The question then becomes whether or not construction is on track to meet that demand. Read more…