Construction Sector Employment Increases at a Slower Pace in November

A closer look at the U.S. Bureau of Labor Statistics (BLS) total nonfarm payroll employment report, which was released on Friday (12/4), with a specific focus on construction reveals that employment in the overall construction sector increased by 27,000 in November, after a revised increase of 72,000 jobs in October. In November, the number of residential construction jobs increased by 15,400, after an increase in October of 20,600. Since May, residential job growth has continued to slow. In the past seven months 438,000 residential jobs were created, helping to offset about 96% of the 456,800 residential construction jobs lost at the start of the COVID-19 pandemic in March and April. The BLS is reporting that Residential construction employment now stands at 2.9 million in November, broken down as 835,000 builders and 2.1 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 35,133 a month. Over the last 12 months, home builders and remodelers added 26,000 jobs on a net basis. In April, due to the impact of the pandemic, the construction unemployment rate was at 16.1%, in November it was at a seasonally adjusted basis of 8.0%.