A closer look at employment in the construction sector of the U.S. Bureau of Labor Statistics (BLS) June Nonfarm Payroll report with additional analysis provided by the National Association of Home Builders (NAHB) reveals that construction industry employment, both residential and nonresidential totaled 7.7 million and is now above its February 2020 level.
In June, residential construction posted a loss of 4,100 jobs, while the non-residential construction sector added 16,500 positions. Currently, residential construction levels exceed its February 2020 level, while 79% of the non-residential construction jobs lost in March and April have now been recovered.
Residential construction employment now stands at 3.2 million in June, broken down as 899,000 builders and 2.3 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 9,467 a month. Over the last 12 months, home builders and remodelers added 121,400 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,171,700 positions.
In June, the unemployment rate for construction workers declined by 0.5 percentage points to 3.6% on a seasonally adjusted basis. It marks the lowest rate since May 2019. The unemployment rate for construction workers has been trending lower, after reaching 14.2% in April 2020, due to the housing demand impact of the COVID-19 pandemic.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
THE EMPLOYMENT SITUATION — JUNE 2022