Construction Unemployment at Lowest Level in Five Years
Employment grew in both residential and nonresidential construction in May.
Construction employers added 7,000 jobs in May 2013 and have added 189,000 since May 2012, moving the sector to its lowest unemployment rate since August of 2009 — 10.8 percent.
Associated General Contractors of America officials said the analysis of new government data marks a relatively positive report for the sector, although there is still a concern about potential shortages of skilled workers.
“Although the monthly job gain in May was modest, both residential and nonresidential construction have been adding workers at roughly double the rate of the overall economy in the past year,” Ken Simonson, the association’s chief economist, said. “At the same time, formerly unemployed construction workers are finding jobs in other sectors, retiring or going back to school. These conditions may lead abruptly to worker shortages in parts of the industry, such as welders and pipefitters.”
Construction employment in May totaled 5.8 million, an increase of 189,000 or 3.4 percent over the past year. The unemployment rate for workers who last worked in construction dropped to 10.8 percent from 14.2 percent in May 2012, while the number of unemployed construction workers shrank over the year by 259,000 to 891,000.
Source: AGC/ www.bizjournals.com, Damon Scott
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