Construction Industry Responding to the High Demand for HousingAugust 3, 2017 Industry
The construction industry in Clackamas County has added 1,983 jobs since the end of the recession in 2009 and is showing steady year-over-year growth. The number of construction firms in the county has remained relatively consistent during the last 16 years – ranging from a high of 2,046 firms in 2007 to a low of 1,585 in 2012.
Currently, there are 1,784 construction firms in Clackamas County employing an average of 6 employees. The average wage for this industry in 2016 was $54,478 which was higher than the average wage for all industries at $49,505.
Demand for Housing
The demand for housing, as evidenced by building permits, has increased by an average of 1,680 permits a year or by 155 percent since 2011. The ratio of multi-family units to single family units has also significantly increased from 12 percent to 16 percent during years 2013-2015 to 79 percent in 2016. In the first half of 2017, multi-family housing made up over one-third (38%) of all housing units in the county.
The increasing demand for housing in Clackamas County is being fueled by a growing population that added 28,200 residents from 2010-2016, favorable mortgage-interest rates, and a low inventory of existing homes for sale.