Since the COVID-19 pandemic took hold, people around the world have struggled to maintain their everyday lives. April 2020 saw the American unemployment rate shoot to nearly 15%, an unprecedented level.
As the year continued on, the U.S. economy started to move again, making small gains and taking big losses. Even compared to the Great Recession, workers across the country were facing worsening situations in almost every industry. Among all of this, however, the construction industry has stood out — especially in Utah.
Here’s our top three reasons to be in the construction industry in 2021.
1. We’re Consistently Trending Up
Just like across the country (and the globe), industries like manufacturing, leisure and hospitality, general business services and more took hard hits. Thousands of jobs were lost, demand fell, and uncertainty was at its peak. Throughout all of this, though, construction didn’t just stay the same — it soared.
In Utah, the industry grew almost 7% in just one year, adding new jobs and new projects. We’ve seen it first-hand while helping more contractors than ever obtain their license or grow their business.
2. Utah Attracts PPP Funds
The Paycheck Protection Program (PPP) was launched by the federal government to support small businesses impacted by COVID-19. PPP offers loans to qualifying businesses to help retain employees throughout the pandemic via an application process, and Utah was a strong beneficiary.
Throughout the state, over 50,000 loans were received, and about 800,000 jobs saved. Not only is the construction industry expanding in Utah, but other businesses are buoyed up too, making the landscape perfect for growth.
3. Housing Shortage Drives Need
Unlike many other industries, construction will always be necessary. We will always need people to help build buildings, maintain properties, plan and create highways, streets, bridges and keep the heat on or the AC working. In Utah, we’re seeing a housing demand that we’re racing to keep up with. As demand increases, we continue to face labor shortages. If you’re thinking about jumping in, now is the time!
Contractor’s School is a one-stop shop for starting your own construction business or securing credentials for contracting. Find your place in an ever growing industry with us by your side and contact us today.
