The U.S. economy has been slowly recovering since the recession that hit in late 2007, and the construction industry has been experiencing the gradual improvements, which has in turn helped local economies across the nation. In fact, the U.S. Labor Department recently announced their March employment data was underestimated by about 386,000 jobs, according to the Los Angeles Times. Nearly 23 percent (85,000) of these jobs were in the construction sector.
The growth has not been even across the nation, however, and some states are faring better than others. Colorado, for instance, has seen a rapid recovery in this industry. Richard Wobbekind, an economist from the University of Colorado Boulder Leeds School of Business, recently predicted the state would experience an economic boost within the next year due to growth in the construction industry, according to The Denver Post.
"We are starting to see a construction recovery in the state," he told Denver's financial advisors, the news source reports. He also indicated that efforts will need to be made to keep things on an upward trajectory. "We have educated people, but we need to generate jobs to keep the momentum going."
Colorado's unemployment rate has been steadily declining in recent months, but this may slow down considerably in the next year. The rate fell from 8.3 percent in July to 8.2 percent in August, but experts believe it will not dip below the 8 percent mark until 2014, the Colorado Department of Labor explained to the Post.
Colorado construction companies looking to save money and maximize profits may want to consider purchasing used construction equipment such as backhoes, cement mixers, generators and trucks. They may also want to sell any items they don't need to increase their budget.
