Employment Trends in Construction
The construction sector has remained impressively sturdy throughout the Federal Reserve’s tightening cycle. The housing sector had a worrisome wobble, but construction has continued to add jobs at a steady rate throughout. This is in part because of federal investment, which has bolstered construction spending, especially construction for the manufacturing sector.
In June, the construction sector gained a reasonable 23,000 net new jobs – the sector continued to defy higher interest rates. Within the sector, specialty trade contractors added 9,500 new jobs, while civil engineers gained 7,300. The only subsector to not add new positions was electrical contractors.
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