Construction Industry Sees Growth in Employment
Posted on Friday, November 9th, 2012 at 4:12 pm
In the month of October, the U.S. construction industry added 17,000 jobs meaning that the unemployment rate in the industry fell by nearly 11.4 percent. This data comes from an analysis of federal information that was released on Nov. 2 by the Associated General Contractors of the United States.
Officials with the association have stated that despite the gains in the past five consecutive months, there have been little changes in the past year. They went on to state that employment in the industry is stuck in the same area with the exception of small, monthly increases.
For the industry overall, the month of October had a 0.4 percent increase. Although this is a slight increase, the overall numbers remain 2.2 million lower than where they were six years ago. This is when construction employment peaked at nearly 7.7 million workers.
Also seen in the month of October was the increase in both residential and nonresidential employment. Residential construction alone added nearly 4,700 jobs in the month of October. Employment in the residential industry is now up by 12,300 compared to last year at this time.
In the nonresidential business sector, nearly 12,200 jobs were added in October. This increased the overall total to 6,700 new workers. There were some losses during the month of October and this was seen in heavy and civil engineering construction firms.
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