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How to Create More Jobs in the Construction Industry

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One goal of creating more jobs is to stimulate a healthy economic growth. One missing ingredient from the equation of economic recovery is new jobs. In every sector of the economy, there are nearly not enough jobs to sustain the population.

Here are six ideas that can be implemented to stimulate job growth in the construction sectors.

  • Approval of free-trade agreements

If the current pending trade agreements could be signed into law, it is estimated that 380,000 jobs could be created and thousands more saved. Economists estimate that with such arrangements, there would be a 2 to 3 percent growth in jobs, which is sustainable.

  • Green Light for Infrastructure Projects

To get jobs humming, the government should consider giving a go-ahead for infrastructure projects in the construction industry. The president and the chamber of commerce should identify and fast-track high-priority infrastructure projects in the departments of Commerce, Agriculture, Interior and Transportation, and Housing and Urban Development.

  • Going Green

With the changing environmental trends, it is essential to consider upgrading building for energy efficiency. Energy-efficient building will save businesses about $40 billion worth of energy costs. Creating such opportunities to embrace green technologies will go a long way in creating jobs in the construction industry.

  • Creation of Internship Opportunities

The Council on Jobs and Competitiveness has made big strides in convincing companies to hire more interns in the engineering and construction sectors. This will create more opportunities and stimulate more interest in science and technology, where there might be a shortfall of trained workers soon. This may not be about job creation but promoting an interest in the science sector.

  • Removal of Regulatory Barriers

There is need for the government to remove regulatory red tape that weighs businesses down. Although this problem affects businesses more than the national economy, it can go a long way in helping businesses create more employment opportunities.

These ideas focus on the bigger picture of creating employment for the larger economy. Big programs from the government are more effective for big businesses. If the big companies subcontract the small businesses, job creation will trickle down to entrepreneurs.

Other factors that can help in increase job opportunities in the construction sector is reduction of interest rates. The government can use the Federal Reserve to stimulate the economy by lowering the federal fund rates. In effect, this will increase money supply in the market, increasing liquidity and availing more money for lending by banks.

The ripple effect is that mortgage rates will decrease, and consumers will borrow more giving businesses the opportunity to expand to meet the increasing demand.

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