Residential Construction Factors into Job Growth

With the residential construction, boom comes more construction jobs.  According to the Bureau of Labor Statistics (BLS) the number of construction jobs rose to 2.81 million in May 2018, making that a 25,000 raise in the month of May. Out of the 2.81 million, 791,000 were builders and 2 million were residential specialty trade contractors.

Following the lowest construction job market during the Great Recession, residential construction has since gained 827,400 job openings.  The 6-month average rate of job gains is approximately 13,183 per month and over the past year the residential construction market has added 132,300 jobs (net basis).

The overall job market reported for May 2018 was positive. The job marketing increased by 223,000 and the unemployment rate went down to 3.8%. The increase this year on average has risen  207,000 a month where this time last year it was 172,000 and 161,000 in 2016. Hourly earnings have increased by 2.7% making the increase greater than those of the previous three months.

The 3.8% decrease in unemployment is the lowest since May 2000. This was factored by the rise in the labor force and the decrease in the number of unemployed people. In the construction industry, the unemployment rate dropped to the lowest since 2001 at 5% in May 2018.

 

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