The construction industry added 10,000 jobs in November, according to an Associated Builders and Contractors (ABC) analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has risen by 211,000 jobs, an increase of 2.6 percent.
Nonresidential construction employment increased by 6,800 positions, with growth in two of the three subcategories. Nonresidential specialty trade added the most jobs, with employment increasing by 7,000 positions. Heavy and civil engineering added 1,500 jobs, while nonresidential building lost 1,700 jobs last month.
The construction unemployment rate rose to 4.6 percent in November. Unemployment across all industries rose to 4.2 percent from 4.1 percent in October.
“While the construction industry added just 10,000 jobs in November, industry-wide employment growth has still significantly outpaced the broader economy over the past year,” says ABC chief economist Anirban Basu. “More importantly, economywide job gains rebounded in November, confirming October’s paltry job growth was indeed a result of hurricanes Helene and Milton.
“The combination of relatively cool payroll employment growth over the past three months, combined with a slight uptick in the unemployment rate, increases the odds that the Federal Reserve will cut interest rates again at their December meeting, though the greater determinant will be the Consumer Price Index data released [the week of December 9],” says Basu. “For the construction industry, there is plenty of reason for optimism, given the prospect of lower interest rates and that contractors broadly expect their sales to increase over the next six months, according to ABC’s Construction Confidence Index.”