Construction Sector Adds 23,000 Jobs in October As Unemployment Rate Falls To 4.0%; Record Job Openings Point to Need for More Workers 

Both residential and nonresidential firms boost employment as average hourly pay for construction craft workers increases 5.4% over the year, outpacing gain for all production employees. The construction industry added 23,000 jobs in October as unemployment rates for the sector hovered near the all-time low for the month, according to an analysis of new government data the Associated General Contractors of America released today. Association officials said the construction industry would likely have hired even more workers to keep pace with strong demand for construction. “Despite the fact pay for hourly craft workers in construction is rising faster than for production employees, contractors are still struggling to find enough skilled workers,” said Ken Simonson, the association’s chief economist. “Both residential and nonresidential construction employers want to hire even more workers.” Construction employment in October totaled 8,033,000, seasonally adjusted, an increase of 23,000 or 0.3% from September. The sector has added 219,000 jobs during the past 12 months, a gain of 2.8%. Residential building and specialty trade contractors added 13,700 employees in October and 55,600 (1.7%) over 12 months. Employment at nonresidential construction firms—nonresidential building and specialty trade contractors along with heavy and civil engineering construction firms—climbed by 8,400 positions for the month and 163,300 (3.6%) since October 2022. READ FULL STORY >>