Employment Trends in Construction
Despite economic headwinds, construction added 28,000 new jobs in December. This was led by the specialty trade contractor subsector, with 16,600 new jobs. Building construction added a solid 8,900 jobs with a three-month average slightly below that.
Despite rising interest rates in 2022, construction employment gains continued – those workers having so far weathered the storm. Despite a slowing residential housing market, 2023 looks to be a promising year for the construction industry. New government projects, including road and bridge upgrades and new manufacturing plants, could be major drivers of growth. Mortgage rates may have peaked in 2022 as well, signaling another sign of potential hiring demand as more buyers re-enter the market.
The construction of buildings subsector includes any work done for new residential or non-residential buildings, averaging a strong growth rate of 5.2% over the last three months. Civil engineering and specialty trade contractors have had more moderate growth at just above 2.0%. Electrical contractor construction is the only subsector with negative growth, falling to -0.58%.
Enjoying this report?
Download to continue reading
