The construction industry added 16,000 net new jobs in March, according to an Associated Builders and Contractors (ABC) analysis of data released today by the Bureau of Labor Statistics. Per the trade association, on a year-over-year basis, industry employment is up 246,000 jobs, representing a 3.4% increase. Nonresidential employment added 3,200 net new jobs last month, with the bulk of growth among nonresidential specialty contractors, which added 5,500 net new jobs. Heavy and civil engineering added 600 jobs, while the nonresidential building category lost 2,900 positions.
The construction industry unemployment rate fell to 5.2%, down a full percentage point from the previous month. Compared to the same time last year, unemployment is down by 2.2 percentage points, and national unemployment remained unchanged at 3.8%.
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“Today’s construction employment number was important for two reasons,” said ABC Chief Economist Anirban Basu. “First, the solid gains in several nonresidential construction segments, including among nonresidential specialty contractors, indicates that the level of construction activity remains robust as we approach spring. The expectation is that construction employment will continue to expand into the summer given normal seasonal factors and the level of backlog as measured by ABC’s Construction Backlog Indicator.