Construction Sector Employment Slows in November

A closer look at the Bureau of Labor Statistics (BLS) Nonfarm Payroll Report for November, with a focus on the construction sector and additional analysis provided by the National Association of Home Builders (NAHB), reveals that employment in the construction sector increased by 2,000 jobs in November. This follows 25,000 new construction jobs in October.

During November, non-residential construction added 1,400 jobs, while residential construction added 1,000.

According to NAHB analysis, residential construction employment now stands at 3.3 million, broken down as 934,000 builders and 2.4 million residential specialty trade contractors.

The 6-month moving average of job gains for residential construction was 6,717 per month. Over the last 12 months, home builders and remodelers added 53,000 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,321,500 positions.

The unemployment rate for construction workers in November increased 0.6 percentage points to 5.7% on a seasonally adjusted basis. This marks the highest rate since July 2021, and has been trending higher over the past five months after reaching the lowest rate of 3.6% in June.