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
Beige Book: Tariff pressures mount, flat outlook
All districts reported “experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction.”
Steel exports recovered in May but still historically low
US steel exports rose 10% from April to May but remained low compared to recent years. This came just one month after exports fell to the lowest level recorded in nearly five years.
AISI: Raw steel production ticks up near recent high
The volume of raw steel produced by US mills inched higher last week, according to the American Iron and Steel Institute (AISI). After steadily increasing in April and May, domestic mill output stabilized in early June and has remained historically strong since.
Steel groups welcome passage of budget bill
Steel trade groups praised the passage of the Big Beautiful Bill (BBB) in Congress on Thursday.
Industry groups praise Senate for passing tax and budget bill
The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the Senate's tax and budget reconciliation bill.