In spite of the pandemic and the shortage of skilled labor, the US construction industry is rebounding faster than anyone thought possible since 2020.
The construction industry added 110,000 jobs in March, according to an Associated Builders and Contractors analysis of data released recently by the U.S. Bureau of Labor Statistics. The industry has added 931,000 jobs since April 2020, recovering 83.6% of the jobs lost during earlier stages of the COVID-19 pandemic.
The construction unemployment rate fell to 8.6% in March from 9.6% in February, but it is still 1.7 percentage points higher than in March 2020. Unemployment across all industries declined from 6.2% in February to 6.0% in March.
A significant percentage of the job growth was registered in nonresidential construction, which added 73,100 jobs in March. The number of nonresidential specialty trade contractor positions expanded by 38,200, while the nonresidential building segment added 7,600 positions.
“Here comes the tsunami of economic and employment growth across America,” said ABC Chief Economist Anirban Basu. “With more stimulus on the way, the United States may end up growing faster than China this year, which would be the first time that occurred in decades.
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Gary Fleisher is the Managing Director and contributor to the Modcoach Network and its affiliated blogs. Email at email@example.com
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