As the housing market continues its post-recession rebound, remodeling is expected to be a booming industry, according to a new report from CareerBuilder. The online job search platform released a new list of industries expected to add jobs at an accelerated pace between 2014 and 2019. The study is based on data from CareerBuilder's labor market analysis arm Economic Modeling Specialists, and pulls data from more than 90 national and state employment resources.
Translation and interpretation services topped the list of fast-growing industries with an expected 36% increase in the study's five-year outlook. Specialty hospitals is expected to grow by 29% during that time frame, and residential remodeling 26%. The report anticipates the addition of more than 148,000 jobs to the remodeling industry, reaching a total of more than 708,000 by the end of 2019.
"Around one-third of all U.S. industries are expected to outperform the national average for employment growth over the next five years," says Matt Ferguson, CareerBuilder CEO and co-author of The Talent Equation. "While it's not surprising that technology and health care made the list, the accumulation of new jobs will take place within a diverse mix of industries requiring a broad range of skills and experience." The U.S. is projected to create roughly 8 million jobs from 2014 to 2019, CareerBuilder says.
Industry research jives with the trajectory CareerBuilder's report anticipates for remodeling. The February Residential Remodeling Index (RRI) from Hanley Wood's Metrostudy unit sees remodeling activity increasing by 4% in 2015. Kermit Baker agrees. The senior research fellow at the Harvard Joint Center for Housing Studies (JCHS) sees 2015 as the year in which remodeling spending finally surpasses its pre-recession high. Additionally, as the baby boomer demographic continues to grow, the Harvard JCHS says existing homes can't handle aging homeowners' needs, opening an opportunity for growth in the aging-in-place and universal design categories for remodeling.
But industry growth won't come without its challenges. Remodelers and new construction builders alike have been complaining about challenges finding skilled workers to help round out crews and manage growth. Baker and celebrity contractor Mike Holmes separately mentioned the labor shortage during their presentations at the 2015 Remodeling Leadership Conference. Both gentlemen highlight a need for more young people and more women to enter the industry as a way to bolster the ranks, while Holmes advocated for new attention to be placed on vocational and trade schools to groom skilled workers at a younger age.
Does remodeling activity in your area match the predictions we've seen through industry reports? Add your voice to the comments section below to share your experiences with post-recession growth and finding skilled workers.