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News release

RICHMOND, VA

Construction-Related Payroll Positions in Richmond MSA Up 5.2 Percent

Jones Lang LaSalle research analysis predicts increase in commercial and residential construction


RICHMOND, September 9, 2013 -- Total construction-related payroll positions in the Richmond region rose 5.2 percent over May's trailing 12 months, nearly reaching the 5.8 percent year-over-year growth rate from 2005, which had the highest employment numbers prior to the recession, according to research analysis from Jones Lang LaSalle (NYSE:JLL).

Comparatively, construction payroll positions averaged a negative 8.2 percent growth rate between 2008 and 2011.

"The vast majority of construction related job growth is the result of the ongoing upswing in the single family and multifamily residential sectors as well as growth in the number of road and highway projects in the Richmond area," said Adam T. Lawson, Senior Associate in the Richmond office of Jones Lang LaSalle.

The surge of construction-related job openings in the Richmond region this May, corresponded with the 31 percent spike in sales of Ford F-series trucks in the United States, a figure often used on Wall Street as a market indicator. From January to April this year, Ford sold approximately 228,000 F-150’s, 16.2 percent more than the total 2012 sales figures.

Moving forward, Lawson says increased commercial and residential construction in Richmond, as well as increased funding for state roadway maintenance and construction may boost the number of advertised positions and future employment.

"The bulk of the commercial oriented contracting work has been centered on institutional, education, and industrial projects while office projects have been comparatively scarce," Lawson said. "I don’t envision spec buildings coming out of the ground any time soon but declining vacancy in the “A” set - particularly in the high bay industrial market - will likely result in additional build-to-suit construction in the not-so-distant future."

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.