More optimism leads to better hiring rates
July 18, 2012
There's a constant struggle to keep enough people employed, especially within the construction industry. The Bureau of Labor and Statistics shows that the unemployment rate has been holding steady around 8.2 percent for the last few months with little relief in sight. But in the construction sector, those figures are actually on the decline.
Confidence is on the rise among construction businesses, which could be lending to these lowered figures. Since the industry's unemployment rate hit an all-time high of nearly 25 percent in 2010, that figure has been reduced by half, showing consistent downward trends.
"Since the end of the recession, we have seen developer optimism spread to all markets and types of commercial space," said UCLA's senior economic forecaster Jerry Nickelsburg. As these indicators remain positive, more hiring and optimism can be expected.