Unemployment Eases Construction's unemployment rate declined in October to 11.4% from September's 11.9%, as the industry recorded a gain of 17,000 jobs in the month, according to the Bureau of Labor Statistics' latest monthly report. Any impacts on the job market from rebuilding after Superstorm Sandy would not start to be reflected until November's statistics. Stephen Sandherr, Associated General Contractors' CEO, said overall construction employment is not expected to show a major net change because of the hurricane. He said, "Even as some firms pick up work repairing damaged buildings and infrastructure, other firms will suffer as previously planned projects
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.