Steel Markets
Construction Industry Adds 16,000 Jobs in March
Written by Sandy Williams
April 5, 2019
The construction industry added 16,000 jobs in March and 246,000 jobs in the past 12 months, according to an analysis of new government data by the Associated General Contractors of America.
“Construction employment rebounded in March, indicating that the dip in February was probably related to extreme weather conditions and not the beginning of a slump,” said AGC chief economist Ken Simonson. “In fact, the construction industry has added jobs at twice the rate of the overall economy in the past year.”
Construction employment totaled 7,447,000 in March, an increase of 246,000, or 3.4 percent, since March 2018. The construction sector growth rate was double that of the 1.7 percent gain in total nonfarm payroll employment.
Average hourly wages increased 3.3 percent over the year to $30.45—10 percent higher than the private-sector average of $27.70, said AGC. The average workweek for construction employees was 39.9 hours in March, the highest rate in 14 years.
Fewer unemployed construction workers were available in March—490,000 compared to 696,000 in March 2018.
“The average workweek in construction is at a record high for March and the number of unemployed jobseekers with construction experience is at all-time lows,” Simonson added. “These data suggest that contractors are having a hard time finding qualified workers even though the industry pays better than the private sector as a whole.”
An AGC survey released in January reported that contractors expect an increase in the dollar volume of projects available to bid on in 2019. Although 79 percent of those surveyed expect to add employees this year, 78 percent said that finding qualified workers is likely to remain difficult or become harder.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
Great Lakes iron ore shipments declined in August
Shipments of iron ore across the Great Lakes dropped to 5 million short tons (st) in August, according to the latest data from the Lake Carriers’ Association. That’s down 9.1% compared to August 2024 and 2% lower than the month’s 5-year average. All told, the year-to-date (YTD) iron ore volumes through August totaled 26.7 million […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
CRU: US longs market holds steady despite tariff pressures
he US longs market remained stable this month despite ongoing challenges from tariff-impacted imports, even as end-use demand was relatively unchanged and scrap prices held flat in August.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.