Construction Firms Add 39,000 Workers in March

Published Date: April 23, 2024

According to an analysis by the Associated Builders and Contractors (ABC) of data from the U.S. Bureau of Labor Statistics, the construction industry added 39,000 jobs last month. This represents a 3.4% year-over-year growth, totaling 270,000 new jobs. The increase was led by non-residential construction, which saw a gain of 24,600 jobs. The specialty trade category contributed the most to this growth, adding 16,300 jobs. Additionally, heavy and civil engineering added 6,000 jobs, while non-residential buildings added 2,300 jobs.

 

ABC Chief Economist Anirban Basu commented on the report, describing it as a “blockbuster jobs report” and suggesting that a recession is not on the horizon. Basu noted that the monthly job growth in the construction sector was twice the average observed over the past year. He highlighted that monthly job growth in non-residential construction was nearly 80% faster than the one-year average.

 

Despite challenges such as worker shortages and high materials prices, the construction industry’s unemployment rate fell to 5.4% in March, although this remains higher than the 3.8% rate across all industries.

 

Basu attributed the growth to structural transformations in the economy, including replenished domestic supply chains and increased demand for data centers and infrastructure. He also mentioned that project owners are finding it difficult to wait for lower construction costs, leading to increased construction activity.

 

The ABC Construction Confidence Index indicates that many contractors plan to expand their staffing levels over the next six months, further highlighting the positive outlook for the industry.

 

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Original Article by FCN Staff Writer-Florida Construction News

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