California's economy has bounced back
In its monthly analysis of small to medium-sized business (SMB) employment and human capital economic indicators, TriNet's October report forecasts the California construction sector will add nearly 10,410 jobs by the end of the year. California's construction sector was forecasted to add 3,180 jobs just in October.
California's economy has bounced back after a slow start to 2014, mirroring the overall trend across the nation. The technology, manufacturing, real estate, logistics and construction sectors have all contributed to the state's positive growth. Of these, the construction industry is a bellwether for the broader economy due to its overall size and interdependence with the other industries.
On the housing front, California is under-supplied with new homes in the wake of a recession that prompted homebuilders to halt or pull back on production. Now construction permits are on the rise, and that is expected to continue over the next three years. Additionally, a steady increase in international trade should bolster the state's transportation and logistics industry, and in turn fuel the construction of new industrial space.