Contractors Hot Line is part of the Catalyst Communications Network publication family.
Contractors Hot Line is part of the Catalyst Communications Network publication family.
The construction industry saw a net increase of 21,000 jobs in May, according to an analysis by Associated Builders and Contractors of the latest data from the U.S. Bureau of Labor Statistics. Year-over-year, the industry has gained 251,000 jobs, marking a 3.1% rise in employment.
Nonresidential construction employment grew by 17,100 positions in May, with gains across all three major subcategories. The nonresidential specialty trade sector led the way with an increase of 13,000 jobs. Nonresidential building and heavy and civil engineering sectors added 3,000 and 1,100 jobs, respectively.
“Every monthly employment report is important,” said ABC Chief Economist Anirban Basu. “But this year’s reports are scrutinized carefully for several reasons, including upcoming federal elections. Economists are asking whether indications of softening in certain parts of the economy might cause deterioration in the overall labor market and whether the virtuous cycle of consumer spending and job growth will persist. May’s report indicates that we remain in that virtuous cycle.”
The construction unemployment rate dropped to 3.9% in May, while the overall unemployment rate across all industries rose slightly from 3.9% in April to 4.0% in May.