Most construction company owners (including subcontractors, specialty contractors, supply houses, and engineering firms) are reporting that their situations have stabilized and limited growth and profits are returning. I look to employment figures to confirm those reports.
Statistics from the U.S. Labor Department indicate that in the last year (May, 2012 to May, 2013) nonresidential building sector construction jobs have increased 15,300 jobs or 2.3 percent. Nonresidential specialty trade contractors netted 51,600 workers or 2.5 percent increase since last year. Heavy and civil engineering employment rose by 28,600 jobs or 3.3 percent from a year ago.
Slowly construction is returning. If you are over 50 years old, are you thinking about your exit? You should be.
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Gregory R. Caruso, JD, CPA, CVA
Harvest Business Advisors