US Construction Employment Posts Solid Gain in February

A closer look at Friday’s US Bureau of Labor Statistics (BLS) Nonfarm Payroll report for February, with a focus on the construction labor market and additional analysis provided by the National Association of Home Builders (NAHB), reveals that employment in construction increased by 23,000 in February. This follows an upwardly revised January report of 19,000.

Nonresidential construction employment added 24,200 new jobs in February, but that was offset by a loss of 1,200 positions in the residential sector.

Residential construction employment now stands at 3.3 million, broken down as 936,000 builders and 2.4 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction was 4,433 per month. Over the last 12 months, home builders and remodelers added 56,800 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,348,500 positions.

The unemployment rate for construction workers held steady at 5.1% (seasonally adjusted). The unemployment rate for construction workers remained at a relatively low level after reaching 14.2% in April 2020 due to the housing demand impact of the COVID-19 pandemic.