Beacon Economics
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Construction Boom
The East Bay labor market recovery continues to move forward in 2013 with the Construction industry acting as one of the major drivers of local employment growth. Total nonfarm employment in April increased by 900 jobs over the previous month, and since April of last year the East Bay has added back 13,900 jobs, a 1.7% increase. Nonfarm employment in the state overall grew only marginally faster at 1.9% year-over-year. The East Bay may have been slower out of the gate, but the latest numbers show the local economy is moving in the right direction and catching up to growth in the state overall.
The East Bay’s Construction sector has posted strong gains in employment growth over the last year. At 5,300 new jobs since April of 2012, Construction positions have made up more than 40% of the nonfarm job gains over the last year. With rising home prices and a tight housing supply, new home construction has begun in earnest. According to the Construction Industry Research Board, permitting for new residential construction
increased 99% in Contra Costa County and 29% in Alameda County for the first four months of the year over the prior year-to-date period. Non-residential permitting activity has also picked up in both East Bay counties. Permit values for non-residential construction have increased 27% year-to-date in Alameda County and 65% in Contra Costa County.