US Construction Sector Employment Holds Steady in March

A closer looks Friday’s Bureau of Labor Statistics (BLS) nonfarm payroll report, with analysis by the National Association of Home Builders (NAHB), reveals that employment in the construction sector increased by 13,000 in March, following a gain of 14,000 in February.

Residential construction saw a decline of 9,800 jobs, while nonresidential construction employment added 22,300 jobs for the month.

Residential construction employment now stands at 3.4 million, broken down as 958,000 builders and 2.4 million residential specialty trade contractors. The six-month moving average of job gains for residential construction is actually a net loss of 2,883 a month, mainly a reflection of the three months with job losses over the past six months (October 2024, January, and March).

Over the last 12 months, home builders and remodelers added 14,000 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1,367,600 positions.

The unemployment rate for construction workers in March declined to 4.3% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level, after reaching 15.3% in April 2020 due to the housing demand impact of the pandemic.