Economy
Construction sector added 25,000 jobs in September
Written by David Schollaert
October 24, 2024
The construction sector added 25,000 jobs in September, driven by labor shortages and improved wages, according to data released by the US Bureau of Labor Statistics.
Repeated gains were seen across all subsectors, with wages continuing to outpace increases in the broader economy. Construction employment is up by 238,000 jobs, an increase of 3% vs. year-ago levels.
The construction industry added jobs for the fifth straight month, a theme driven by a limited workforce unable to keep pace with demand. It continues to boost the construction job market.
“Beyond the construction industry, this jobs report blew past expectations,” said Anirban Basu, ABC’s chief economist, noting, “US employers added 254,000 jobs for the month, the most since March.”
Nonresidential construction employment increased by 17,900 net positions, with growth in two of the three subcategories. Non-res specialty trade saw the largest boost with 17,000 added positions. Heavy and civil engineering added 3,800 jobs, while non-res building lost 2,900 positions.
“While the ongoing strength of the labor market and consumer spending indicates that the economy has weathered high interest rates better than anyone thought possible, the combination of rising household debt levels and economic uncertainty surrounding geopolitics and the looming election will potentially weigh on growth in the coming months,” added Basu.
The unemployment rate among jobseekers with construction experience was 3.7% in September, while unemployment across all industries decreased a percentage point from August to 4.1%.
David Schollaert
Read more from David SchollaertLatest in Economy
Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
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.
US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.