WASHINGTON, Dec. 6—The construction industry added 10,000 jobs on net in November, according to an Associated Builders and Contractors analysis of data released today by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has risen by 211,000 jobs, an increase of 2.6%.
Nonresidential construction employment increased by 6,800 positions on net, with growth in 2 of the 3 subcategories. Nonresidential specialty trade added the most jobs on net, with employment in the category increasing by 7,000 positions. Heavy and civil engineering added 1,500 jobs, while nonresidential building lost 1,700 jobs last month.
The construction unemployment rate rose to 4.6% in November. Unemployment across all industries rose to 4.2% from 4.1% in October.
“While the construction industry added just 10,000 jobs in November, industry-wide employment growth has still significantly outpaced the broader economy over the past year,” said ABC Chief Economist Anirban Basu. “More importantly, economy-wide job gains rebounded in November, confirming October’s paltry job growth was indeed a result of hurricanes Helene and Milton.
“The combination of relatively cool payroll employment growth over the past three months, combined with a slight uptick in the unemployment rate, increases the odds that the Federal Reserve will cut interest rates again at their December meeting, though the greater determinant will be the Consumer Price Index data released next week,” said Basu. “For the construction industry, there is plenty of reason for optimism, given the prospect of lower interest rates and that contractors broadly expect their sales to increase over the next six months, according to ABC’s Construction Confidence Index.”
Visit abc.org/economics for the Construction Backlog Indicator and Construction Confidence Index, plus analysis of spending, employment, job openings and the Producer Price Index.
Associated Builders and Contractors is a national construction industry trade association established in 1950 that represents more than 23,000 members. Founded on the merit shop philosophy, ABC and its 67 chapters help members develop people, win work and deliver that work safely, ethically and profitably for the betterment of the communities in which ABC and its members work. Visit us at abc.org.
