Despite a miss on overall jobs projections for September, both residential and non-residential construction fields added workers.
The construction industry added 22,000 jobs on net in September, according to an Associated Builders and Contractors (ABC) analysis of data released by the U.S. Bureau of Labor Statistics. Overall, the industry has recovered 912,000 (81.9%) of the jobs lost during earlier stages of the pandemic.
Of jobs gained in September, the National Association of Home Builders reports that residential and non-residential) added 22,000 jobs in September. Both residential construction (+3,400) and non-residential construction (+18,600) had job gains over the month.
The construction unemployment rate dropped slightly to 4.5% in September. Unemployment across all industries fell from 5.2% in August to 4.8% last month.
Residential construction employment now stands at 3.1 million in September, NAHB reports, broken down as 882,000 builders and 2.2 million residential specialty trade contractors. The six-month moving average of job gains for residential construction was 6,033 a month. Over the last 12 months, home builders and remodelers added 136,300 jobs on a net basis.
“The economy added fewer than 200,000 jobs in September, well below the consensus forecast of 500,000 new jobs, making it clear that August’s disappointing employment performance was not an aberration,” said ABC Chief Economist Anirban Basu. “Earlier during the summer, the U.S. economy had been adding jobs at a rapid pace. The last few weeks suggest the final stages of labor market recovery will prove extremely challenging.