Construction Economics
Construction Nov. Jobless Rate Flat With Oct., Down from 2015
Industry also added 19,000 jobs during the month, Labor Dept. reports
Construction’s November unemployment rate held steady with the previous month’s mark and continued its six-year string of declines from year-earlier levels, the Labor Dept. has reported.
The industry also added 19,000 jobs during in November, the department’s Bureau of Labor Statistics said in its latest monthly employment report, released on Dec. 2.
BLS said that construction’s jobless rate for November was 5.7%, the same as October’s, and down from November 2015’s 6.2%.
The industry’s rate has shown year-over-year-improvement every month since September 2000. BLS rates aren’t adjusted for seasonal variations.
Construction’s November job gains came in nearly all sectors. Residential specialty trade contractors led the way, with an increase of 14,700. Residential building picked up 4,900. Nonresidential construction added 1,100.
Heavy and civil engineering construction, which includes firms that do infrastructure work, was the only segment to record a decline, losing 2,100 jobs during the month.
Ken Simonson, Associated General Contractors of America's chief economist, said in a statement, "The industry would be adding more hgh-paid jobs if local, state and federal officials were investing more to build new and repair aging infrastructure."
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Architectural and engineering services, a separate BLS category, also was down in November, posting a loss of 1,000 jobs.
Anirban Basu, Associated Builders and Contractors chief economist, said in a statement, "The demand for construction talent was strong before the election and the outcome has improved the near-term outlook for private and public construction activity,” Basu said that could mean continued strong demand for construction workers, which should gradually reduce unemployment and put pressure on wages.
BLS reported that the overall national unemployment rate improved to 4.6% in November, from October’s 4.9% as the economy added 178,000 jobs.
AStory updated 12/2/2016, 1:35 pm to include industry economsts' comments.
