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Growth on Pace with Strong July Jobs Report

Source: Associated Builders and Contractors, Inc.

The U.S. construction industry has rebounded strongly, adding 14,000 net new jobs in July according to an analysis of Bureau of Labor Statistics data released today by Associated Builders and Contractors (ABC). This gain comes after the construction sector lost a combined 27,000 jobs from April to June.

The construction industry’s unemployment rate inched lower in July, shedding a tenth of a percentage point to reach 4.5 percent, the industry’s lowest unemployment rate since October 2006.

The nonresidential sector accounted for a majority of July’s gains, adding 11,500 net new jobs. The residential sector remained stagnant for the month, adding only 700 net new positions. Heavy and civil engineering employment, which lost 8,800 jobs from January to June, experienced a modest rebound in July by adding 1,900 net new jobs.

The economy-wide unemployment rate remained unchanged at 4.9 percent. The nation’s labor force expanded by 407,000 persons for the month. This represents the largest growth for the month of July since the labor force expanded by 587,000 persons in July 1996.

Read more at abc.org

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