Construction expo in U.S. indicates rebound of sector

The bigger size of and increased attendance at the four-day "World of Concrete" show in Las Vegas marks a rebound of the U.S. construction industry, analysts say.

The show from Tuesday to Friday at the Las Vegas Convention Center, which only opens to industry professionals, has received an estimated 48,000 people.

With 1,425 exhibitors on 674,000 square feet, the show is 17 percent larger than the 2014 show and is the largest in over six years, said Steve Pomerantz, senior marketing manager of the show.

Exhibits fill up the Convention Center and some of the larger exhibits are set up in two parking lots adjacent to the facility.

The Las Vegas Convention and Visitors Authority said the show brings economic benefits of 63 million dollars to Southern Nevada.

The size and attendance of the show indicates that more construction is on the horizon as the economy continues to revive, said Pomerantz.

Construction of new homes in the United States rebounded in December 2014 to the highest level since the peak of the housing boom nine years ago, according to the U.S. Commerce Department.

For all of 2014, builders started construction on 1.01 million new homes and apartments, an increase of 8.8 percent from 2013.

It was the first time construction has topped 1 million units since the height of the housing boom in 2005, when builders started work on 2.07 million homes, the department said.

Analysts said the construction industry, which has been hit hard by the housing crash and recession, is ramping up hiring in an encouraging sign for job and wage growth this year.

According to the Labor Department, contractors added 48,000 jobs in December, the most since January 2014, and 290,000 in the whole year of 2014, a nine-year high. That helped push overall payroll growth to 252,000 as the unemployment rate fell to 5.6 percent from 5.8 percent.

The U.S. construction industry is key to a healthy labor market because it provides middle-wage jobs and the prospect of stronger pay increases, analysts said.

According to the Labor Department, single-family home construction rose modestly, but multifamily building soared. Meanwhile, factories, warehouses, hotels, rail lines, power plants, oil and gas pipelines sprouted along with an improving economy.

Government statistics show that U.S. construction spending was up 5.7 percent in the first 11 months of 2014 compared with those of 2013. Endi