For the three days of the annual National Association of Home Builders 2018 International Builders’ Show® (IBS) last week, building industry professionals from across the globe discovered a variety of products and innovative concepts that are sure to enhance their businesses moving forward.
For all of 2017, the US construction industry added 210,000 jobs, a 35 per cent increase over 2016, according to the Bureau of Labor Statistics January 5. Even in December, with much of the nation frozen, the construction industry added 30,000 jobs.
For all of 2017, construction added 210,000 jobs, a 35 per cent increase over 2016.
NAHB ANNUAL HOME BUILDERS SHOW: JANUARY 2018
The annual National Association of Home Builders International Builders’ Show returns to Orlando, FL, this week. The event was held from Tuesday to Thursday, January 11, at the Orange County Convention Centre. Over 70,000 attendees were expected at this light construction show and include home builders, remodellers, architects, building material dealers and distributors.
Key takeaways for builders in 2018 include:
- Entry-level home construction is a huge opportunity as these homes will continue to see price gains due to the larger number of buyers who can afford them and more limited homes available for sale in this price range.
- Millennials are anticipated to gain the largest market share in all home price segments with the largest cohort of millennials expected to turn 30 in 2020.
- Strong economies and healthy building level are expected to drive southern markets home sales growth, and to beat the national average.
- •The passing of the Tax Cuts and Jobs Act, the wealth and income effect of tax cuts is expected to stimulate demand and increase production in the short term.
US Construction Payrolls: 2018
Three-quarters of US contractors said they plan to increase payrolls in 2018, according to a new survey from the Associ- ated General Contractors of America.
Other details, from the latest BLS Labour Report:
- The construction industry added 30,000 jobs last month, according to the Labor Department.
- That brings the sector’s 2017 gains to 210,000 positions, a 35 per cent increase over the previous year.
- Construction spending is also soaring, up to a record US$1.257 trillion in November 2017, according to the Com- merce Department.
- Optimism among construction contractors is also at a record high.
Construction firms in the US have been adding jobs, but workers are also leaving the industry because they are aging out. In 2017, a net 190,000 new workers entered the construction industry, far lower than the prior three- year average of 284,000 annual additions. The National Association of Realtors, which is essentially begging builders for more homes, points to this as a huge problem and is appealing to Congress for new policies to ease the worker shortage.