At Industrial Builders Inc., Paul Diederich plans to boost payrolls about 10 percent this year.
“The economy is on the rebound,” said the president of the West Fargo, North Dakota-based heavy-construction company. “We have some projects in our backlog.”
Diederich, who is hiring “in the hope that when the weather breaks, we’ll have the need to put these people to work,” has already filled two management positions. He intends to increase staff, including seasonal employees, to more than 300 as the July-August peak building period approaches.
Industrial Builders isn’t alone. Companies from Ford Motor Co. (F) to a California tortilla maker are stepping up hiring as the economy improves. The result, say Maury Harris of UBS Securities LLC and Allen Sinai of Decision Economics Inc.: Payroll growth is vaulting to a faster pace of about 200,000 a month, after averaging 167,000 in the second half of last year.