Construction’s unemployment rate dropped in November from its year-earlier level and stayed even with October’s figure, as the industry gained a robust 46,000 jobs during the month, the Bureau of Labor Statistics says.
BLS said in its latest monthly employment report, released on Dec. 4, that construction’s November jobless rate fell to 6.2% from November 2014’s 7.5%.
Last month’s mark also was the lowest November figure since 2007, when the level also was 6.2%. The rates aren’t adjusted for seasonal differences.
Ken Simonson, Associated General Contractors of America chief economist, noted that November’s 46,000 jobs added was construction’s largest monthly hike since January 2014.
Hiring climbed among all construction sectors last month, led by specialty trade contractors, which picked up 35,000 positions.
Buildings construction posted an increase of 6,400 and heavy-civil construction’s workforce rose by 4,600.
Simonson said in a statement, “Between accelerating construction spending and new transportation investments coming online, construction employment should continue to grow at a steady rate for the next several months.”
At the Associated Builders and Contractors, which concentrates on nonresidential construction, Chief Economist Anirban Basu pointed out a further bit of good news in the BLS release: October’s jobs total was revised upward by 3,000, to 34,000.
He added that the BLS report “clearly shows that various construction segments continue to gain momentum and that contractors will continue to scramble to secure properly trained human capital.”
But Basu cautioned that the industry’s strong November job numbers might mean that “construction wage pressures will continue to build in 2016.”
There was a negative note in the BLS figures—architectural and engineering services lost 1,100 jobs last month.
November’s overall national employment rate was 5%, the same as October’s, as the economy added 211,000 jobs, BLS said. The November 2014 national rate was 5.8%.