US Construction Employment Falls in February

A closer look at Friday’s Bureau of Labor Statistics (BLS) nonfarm payroll report for February, with analysis from the National Association of Home Builders (NAHB), shows that overall US construction employment fell by 11,000, following an upwardly revised gain of 48,000 in January.

Within the industry, residential construction lost 7,100 jobs, while nonresidential construction shed 3,800. As of February, residential construction employment stood at 3.3 million, including 929,000 builders and remodelers and nearly 2.4 million residential specialty trade contractors.

The six-month moving average for job gains in residential construction was negative, with an average loss of 533 jobs per month. This reflects losses in three of the past six months.

Over the past year, residential construction recorded a net loss of 46,100 jobs, marking the twelfth consecutive annual decline and the longest stretch of annual losses since the Great Recession. Since the post–Great Recession low, the sector has added 1,306,900 jobs.

The construction unemployment rate edged down to 4.6% in February on a seasonally adjusted basis, remaining relatively low compared with historical norms.