Economic Survey 2018: Real estate and construction to create over 1.5 crore jobs over next five years

The real estate and construction sector will create over 1.5 crore jobs over the next five years, according to the Economic Survey 2017-18, tabled in Parliament on Monday.

Real estate and construction together, is the second largest employment provider in the country, next only to agriculture. It employed a workforce of over 4 crore in 2013, and as per projections is slated to employ over 5.2 crore people by 2017, and about 6.7 crore by 2022, it says.

Nearly 90 percent of the workforce employed in the real estate and construction sector is engaged in the construction of buildings. The remaining 10 percent workforce is involved in building completion, finishing, electrical, plumbing, other installation services, demolition and site preparation.

Over 80 percent of the employment in real estate and construction constitutes minimally skilled workforce, while skilled workforce accounts for over 9 percent share, and the remaining are spread across work classes such as clerical, technicians, and engineers.

As per the National Skill Development Council (NSDC), Real estate and construction sectors are expected to require over 6.6 crore people by 2022.