It is no wonder the residential construction industry is busier than ever. The current housing market is better than ever with record-low interest rates. October 2020 saw 11,500 more residential construction employment than October 2019.
The Bureau of Labor Statistics reported in October 2020 that there was 2.9 million residential construction employment. This was a 23,800 rise in employment from September. The total construction industry which includes residential and nonresidential totaled 7.3 million employment.
According to the Employment Situation Summary, the total nonfarm payroll employment rose by 638,000 in October which marked the sixth consecutive month of increases. In the past six months, approximately 12.1 million jobs have been created.
Overall the unemployment rate dropped 1% to 6.9% in October making the number of unemployed drop to 11.1 million. The leading industry during the month of October was leisure and hospitality with 271,000 while the government sector lost 268,000 employees.
As of October, residential construction employment stands at 2.9 million. This includes 835,000 builders and 2.1 million residential specialty trade contractors. Job gains for residential construction are 70,783 a month on a 6-month moving average.
The unemployment rate dropped to 8.2% on a seasonally adjusted basis for construction workers. The pandemic has not faltered the residential construction industry. Unemployment is the industry has been trending down for the past six months.
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