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It's official: The U.S. is in a massive building boom

A new analysis reveals that increased construction spending is boosting the country’s economy at a rate not seen since 2008

The U.S. construction industry is alive and kicking. With new developments rising from coast to coast, construction is having a 21 percent larger impact on the country’s GDP than in 2011, according to a new Stateline analysis of data from the U.S. Bureau of Economic Analysis. The sector should have an estimated economic impact of $650 billion this year—the largest it’s been since 2008 when adjusted for inflation.

The data shows that 6.7 million people were employed in the U.S. construction industry this summer, an increase of 1.3 million workers from the recorded low point in January 2011. For a little perspective, during the apex of the 2006 housing boom, the industry employed 7.7 million workers.

We’re not at 2006 levels yet, but the building boom is evident in 43 states where construction is juicing up local economies. Oklahoma City’s construction industry hasn’t been this hot since 1930, with a 7.7 percent jump in development-related jobs. Boston is also seeing one of the largest building booms in the city’s history.

With more than more than 320,000 newly built apartments slated to come on line this year, and a wave of first-time millennial homebuyers looming just beyond the horizon, there’s no indication that the building boom won’t continue to grow.

Source: Stateline