Like Basu, Simonson does not foresee an upturn in oil prices. "I don't expect oil or gas prices to rise much above early May levels, and they may fall back to the lows of late 2014 and early 2015," he says.

"But I think construction employment will keep growing as more downstream oil and gas transport, processing and export projects hit full stride and as population growth in Texas supports additional construction across several markets."

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