US Construction Employment Falls in October

A closer look at Friday’s Bureau of Labor Statistics (BLS) nonfarm payroll report for October, with analysis from the National Association of Home Builders (NAHB), shows that overall US construction employment declined by 3,000 jobs—the first monthly decrease since February. This followed an upwardly revised gain of 16,000 jobs in September.

Within the industry, residential construction lost 16,400 jobs, the largest monthly decline since March 2021, while nonresidential construction added approximately 13,300.

As of October, residential construction employment stood at 3.3 million, including 921,000 builders and remodelers, down from 922,000 in September, and approximately 2.3 million residential specialty trade contractors. However, the construction unemployment rate fell to 4.1% in October on a seasonally adjusted basis, down from 4.3% in September.

The six-month moving average for residential construction employment remained negative, with an average loss of 4,583 jobs per month in October, compared with a loss of 3,283 in September.

Over the past year, residential construction recorded a net loss of 40,200 jobs, marking the 20th consecutive month of year-over-year decline. This represented a widening loss from the 26,100 jobs reported a month earlier. Since the post–Great Recession low, the sector has added 1,270,900 jobs, down from 1,287,300 in September.