US Construction Employment Increases by 11,000 Jobs in June

US Construction Employment Increases by 11,000 Jobs in June

USA: Construction employment in the United States increased by 11,000 jobs in June, according to data released by the Bureau of Labor Statistics on 2 July. The construction unemployment rate stood at 4.7%, while the overall unemployment rate across all industries declined to 4.2%, remaining 0.1 percentage points higher than a year earlier. Over the past 12 months, construction employment increased by 64,000 jobs, representing year-on-year growth of 0.8%. Non-residential construction employment rose by 19,900 positions, with non-residential specialty trades adding 14,100 jobs, while non-residential building and heavy and civil engineering added 3,200 and 2,600 jobs, respectively.

“Today’s jobs report was full of positive signs for the nonresidential side of the industry,” said ABC Chief Economist Anirban Basu. “The nonresidential segment continued to add jobs in June and has grown several times faster than the economywide average over the past 12 months. At the same time, the supply of labor appears adequate to fuel ongoing hiring. The industry’s unemployment rate rose to 4.7%, higher than in any June since 2021, and that slack took some pressure off of wage escalation. Average hourly earnings for nonmanagerial construction workers rose at the slowest pace since last September. With ABC contractors signaling ongoing hiring intentions, according to ABC’s Construction Confidence Index, it appears likely that the industry will continue to expand its employment base over the coming months.”

Source: Contractor Mag