Since the recession of 2007 – 2010 the area of the U.S. economy that has suffered the greatest has been the construction industry. When the bottom fell out of the real estate market, construction came to a near standstill. All the larger projects in Westchester County were put on hold. The construction industry is the last industry to make a recovery.
In an article by Ross Pepe, President of both The Construction Industry Council of Westchester and Hudson Valley, Inc. and Building Contractors Association of Westchester and Mid-Hudson Region, Inc. in the Westchester Business Journal, he stated the long suffering recovery for the construction industry is finally taking hold 5 years after the official end of the great recession of 2008 – 2010. Mr. Pepe keeps track of the recovery through total number employed by the unions. For example, The International Union of Operating Engineers, Local 137 hit the highest number of man hours worked in 2007 when it reported total number of hours worked at 1.5 million hours that year. Since then, Local 137 saw the total number of hours worked each year dwindle by a 1/3 down to 978,000 hours, a third reduction. After several years of slow recovery, the numbers are climbing back but still 20% of what its high was in 2007.
The comeback in the construction and building market place is because of the comeback of the overall economy. Mr. Pepe points out state and municipal funds have grown by increased tax revenue from taxes, home sales (mortgage & recording taxes) and a rise in travel and entertainment. Low gas prices are also having a favorable effect on household budgets.