US Construction Sector Employment Cools in April

A closer look at Friday’s Bureau of Labor Statistics (BLS) nonfarm payroll report, with a focus on construction and additional analysis provided by the National Association of Home Builders (NAHB), reveals that construction sector employment increased by 9,000 jobs in April. This follows an upwardly revised gain of 40,000 in March.

As in previous months, nonresidential construction employment led the sector higher, adding 7,800 jobs in April. Meanwhile, residential construction only gained 1,100 jobs.

In April, residential construction employment was at 3.4 million, broken down as 950,000 builders and 2.4 million residential specialty contractors. The NAHB says the 6-month moving average of job gains for residential construction was 5,217 per month. Over the last 12 months, home builders and remodelers have added 75,600 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,375,000 positions.

The unemployment rate for construction workers increased to 4.8% on a seasonally adjusted basis in April. The unemployment rate for construction has remained at a relatively lower level after reaching 14.2% in April 2020, due to the housing demand impact of the pandemic.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.