Construction’s unemployment rate showed another year-over-year improvement in November, dipping to 18.8% from November 2009’s level of 19.4% but worse than this October’s 17.3%. The U.S. Bureau of Labor Statistics’ latest monthly employment report shows that construction lost 5,000 jobs in November, on a seasonally adjusted basis, after gaining 3,000 in October. Looking at industry segments, BLS reported that the 6,800 jobs lost in specialty-trade contractors last month more than offset gains in the buildings and heavy-civil construction sectors. November was the second consecutive month in which the construction jobless rate was lower than in the same month of last
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.