Construction Employment Shows Promise in March
March proved there's always a job in construction as employment increased month-over-month (MoM) and year-over-year (YOY), according to Associated Builders and Contractors (ABC). Based on ABC's review of Bureau of Labor Statistics' data, 16,000 net new jobs opened up in construction last month, particularly for residential and nonresidential specialty trade contractors with 7,500 and 5,500 jobs available, respectively.
While MoM numbers were respectable, construction employment thrived on a YOY basis, increasing nearly 3.5% over March 2018. The bureau's data shows 246,000 more jobs are available in March compared to the prior year. Jobs in residential building reached just over 6% YOY, whereas nonresidential building only increased 0.3%.
"… The solid gains in several nonresidential construction segments, including among nonresidential specialty contractors, indicates that the level of construction activity remains robust as we approach spring," ABC Chief Economist Anirban Basu said in the report. "The expectation is that construction employment will continue to expand into the summer given normal seasonal factors and the level of backlog as measured by ABC's Construction Backlog Indicator."
—Andrew Michaels, editorial associate