Construction Employment Gains Buoyed by Residential Growth
Construction task growth slowed dramatically in July.
The latest data from the U.S. Bureau of Labor Statistics shows that construction employment saw slight gains in July, adding twenty,000 jobs to the manufacture. This marks a fairly steep drib-off from more than promising numbers in June, when the construction sector added 158,000 jobs nationwide.
Residential construction and specialty trade construction firms together actually added 24,000 new jobs in July, while non-residential lost iv,000 jobs compared to the calendar month earlier. Though there has been strong re-growth in the industry since coronavirus-related shutdowns brought things to a near standstill earlier in the year, building and specialty merchandise firm employment numbers remain iv percent lower than their most contempo peak in Feb 2020.
"It is gratifying that the structure manufacture continued to add together jobs in July, but terminal month's gains were entirely in residential building and specialty trades," said Ken Simonson, master economist for the Associated Full general Contractors of America (AGC). "It is likely that many nonresidential jobs are in jeopardy following the completion of emergency projects and ones begun before the pandemic."
While these signs of slowing growth are concerning, the construction industry as a whole has fared better in recent months than the U.Due south. economic system every bit a whole. The industry's unemployment rate in July was 8.ix percentage, several notches below the national charge per unit of 10.2 percent. Notwithstanding, the construction industry's employment rate in July 2022 was still more than twice what it was in July 2019.
Over the terminal 3 months the structure industry has gained back 639,000 jobs, or 59 percent of those lost in the coronavirus-driven recession.
Source: https://www.familyhandyman.com/article/construction-employment-gains-buoyed-by-residential-growth/
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