According to the data from the latest U.S. Bureau of Labor Statistics, the construction industry is still on the rise with 37,000 net new jobs added in March and 301,000 net new added from a year-over-year perspective. This continues the trend seen earlier this year where 20,000 net new jobs were added in February and 18,000 added in January.
The non-residential sector saw a huge boost from 1,300 in February to 12,700 in March while the non-residential specialty trade contractors saw gains for the first time this year. Additionally, the unemployment rate remained unchanged at 8.7% which is still almost a full percentage point lower than last year.
ABC’s Chief Economist Anirban Basu spoke on construction remaining on the leading economic drivers, how much it has aided in the recovery, and will continue to do so:
“Continued job growth helps fuel both spending power and confidence,” said Basu. “Naturally, consumer spending-led recoveries such as this more directly impact residential construction segments than nonresidential. Accordingly, the residential construction recovery continues to be a bit more forceful and that is likely to continue during the months ahead.”