Construction Job Market Ended 2014 on the Upswing
Keep up with the growth using online FHA 203K loan disbursement software
On January 9, the Bureau of Labor Statistics released a report showing that the construction sector gained 48,000 jobs in December. That’s nearly 20 percent of the total jobs growth in the US for that same month. It marks the end of the best year in construction job growth since 2005.
The jobless rate in the construction sector was 8.3 percent in December, an improvement over the 11.4 percent rate we had a year ago. However, the figure did show a slight decline over November’s rate of 7.5 percent as many markets saw work slow with the onset of winter. The overall jobless rate for the construction industry over the entire year was encouraging—at 8.9 percent it was at its lowest annual level since 2007. The job growth responsible for these improving unemployment figures was split between specialty trade contracting, engineering, and buildings construction.
Experts say that this growth is expected to continue through 2015 to keep up with an overall expansion in the industry.
Is Your Bank Ready to Grow Too?
Naturally growth in the construction industry is good news for lenders looking for investment opportunities. However, the market is still competitive and in order to excel institutions need to have the ability to tightly manage accounts to minimize risk and safeguard their investments. ECL’s fund control software can help you do this.
It’s important to remember that growth in the construction industry isn’t limited to new construction. Renovations can also provide much-needed work for specialty contractors. Lenders can get in on some of these renovation projects by giving out FHA 203K loans to qualified individuals, provided they have the right software to help them manage this sometimes complicated process.
Our fund control software can be customized to suit just about any type of lending scenario, including loans involving home renovations. We offer a version that has been pre-customized for you to serve as a dedicated online FHA 203K loan disbursement software solution. This makes it easier for you to manage all the requirements of bundled home improvement and mortgage loans. Plus, it allows your staff to track regular construction loans and FHA 203K loans in the same system, with no time wasted learning or navigating separate systems. With all your loans in one place, you can also run detailed reports—including stress testing reports—on your loans and on your portfolios quickly and easily.
Want to learn more about our online FHA 203K loan disbursement software? Just contact us now to request your free customized online demo.