Construction Industry Job Market Flourishes: Unemployment Hits Record Low, Hourly Earnings Soar, and Firms Offer Competitive Wages
According to analysis of government data by the Associated Builders and Contractors, the construction sector added 25,000 jobs in May, marking the second lowest unemployment rate for the month in the last 23 years. The Associated Builders and Contractors noted that, on a year-over-year basis, industry employment has increased by 192,000 jobs, or 2.5%.
The report said that nonresidential construction employment expanded by 22,100 positions on net, with growth in all three subcategories. Heavy and civil engineering added 10,700 positions, while nonresidential specialty trade and nonresidential building added 7,200 and 4,200 jobs, respectively.
“That momentum is especially apparent in the nation’s nonresidential construction segment. The construction industry unemployment rate is now below the economy-wide unemployment rate, and there are plenty of available, unfilled construction jobs. Among the principal takeaways is that there will continue to be substantial upward pressure on construction worker compensation during the months ahead.”
Based on an analysis of government data, the construction sector witnessed a notable increase of 25,000 jobs in May, resulting in the second lowest unemployment rate for that month over the past 23 years. The Associated Builders and Contractors highlighted that compared to the previous year, the industry’s employment grew by 192,000 jobs, which represents a 2.5% increase.
The report indicated that nonresidential construction employment experienced a net growth of 22,100 positions, with all three subcategories contributing to this expansion. Heavy and civil engineering accounted for 10,700 new jobs, while nonresidential specialty trade and nonresidential building added 7,200 and 4,200 jobs, respectively. With the construction industry providing diverse career opportunities and job roles and potential for high pay, now may be the time to consider a career in construction.
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