The construction sector saw an increase of 10,000 jobs in November, with growth reported in both residential and nonresidential areas. This information comes from a recent analysis of government data by the Associated General Contractors of America. Despite some softening in demand, contractors are continuing to hire workers, suggesting optimism for a rebound.
Ken Simonson, the association’s chief economist, commented on the situation: “Job gains in both homebuilding and nonresidential building construction have slowed over the past year. But contractors have been hanging onto workers, a sign that they expect work to pick up soon.”
In November, construction employment reached 8,313,000 on a seasonally adjusted basis. This represents an increase of 10,000 jobs from October and a rise of 211,000 jobs or 2.6 percent over the last year. This growth rate is nearly double the 1.4 percent gain observed in total nonfarm employment during the same period. Additionally, average hourly wages for production and nonsupervisory employees in construction rose to $36.22 per hour.
Nonresidential contractor employment increased by 3.3 percent (158,900 jobs) over the past year compared to a previous gain of 3.9 percent (179,800 jobs). Residential construction also experienced job growth of 1.6 percent (52,400 jobs), down from an increase of 1.9 percent (61,900 jobs) during the prior year.
Simonson highlighted another report showing that construction industry layoffs dropped to 97,000 in October—the lowest monthly figure recorded in the series’ history—indicating expectations for future workforce needs despite modest job growth recently.
Employment trends varied across different segments within construction. Nonresidential building contractors decreased their workforce by 1,700 employees for three consecutive months as of November; however heavy and civil engineering firms added 1,500 workers while nonresidential specialty trade contractors gained another 7 thousand employees overall—a net positive outcome indicating continued sectoral activity even amid challenges faced elsewhere within broader markets nationwide today! Meanwhile homebuilders along with other residential building companies expanded their headcount slightly adding approximately fourteen hundred new positions collectively alongside seventeen hundred more hires seen among specialized tradesmen too!
Association officials expressed anticipation regarding potential regulatory relief under President-elect Trump’s administration which they believe could lead toward increased demand moving forward: “Contractors are expecting less red tape and more construction activity with new administration,” stated Jeffrey D Shoaf – CEO at AGC America who further noted how Congress has already passed measures intended toward expediting review processes but lamented current leadership’s failure thus far acting upon these initiatives successfully enough yet still remain hopeful nonetheless given incoming changes ahead soon thereafter ultimately allowing projects start without unnecessary delays otherwise incurred previously before now instead finally providing much-needed impetus behind continued expansion efforts currently underway throughout industry nationwide today!
