Construction Sector Job Growth Continues in October

A closer look at the Bureau of Labor Statistics (BLS) October Nonfarm Payroll report released on Friday (11-3-23), with a focus on the construction sector and additional analysis provided by the National Association of Home Builders (NAHB), reveals that construction sector employment increased by 23,000 in October. This follows a gain of 13,000 jobs in September. Residential construction added 13,700 positions, while non-residential construction posted 8,400 new jobs in October.

Residential construction employment now stands at 3.3 million, with 2.4 million residential specialty trade contractors and 936,000 builders. According to the NAHB, the 6-month moving average of job gains for residential construction is 8,367 per month. Year-over-year, home builders and remodelers have added a net 55,600 positions. Since the low point following the Great Recession, residential construction has gained 1,325,900 jobs.

In October, the unemployment rate for construction workers was unchanged at 5.1% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level after reaching 14.2% in April 2020 due pandemic’s impact on housing demand.