ABC: Nonresidential Construction Adds 17,100 Jobs
The construction industry added 21,000 jobs on net in May, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has increased by 251,000 jobs, an increase of 3.1%.
Nonresidential construction employment increased by 17,100 positions on net in May, with growth registered in all three major subcategories. Nonresidential specialty trade added the most jobs, with employment increasing by 13,000 positions. Nonresidential building and heavy and civil engineering added 3,000 and 1,100 jobs, respectively.
The construction unemployment rate fell to 3.9% in May. Unemployment across all industries rose from 3.9% in April to 4% last month.
“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.
