A recent report by Associated Builders and Contractors found that employment in the construction industry rose by 28,000 jobs last month. Construction employment at large rose by 231,000 jobs for a total of 3.1% growth.
Despite increasing costs of capital and rumors of an upcoming recession, contractors continue to be in expansion mode. In addition to growth in the residential sector, nonresidential construction experienced growth in all three subcategories, adding 17,900 positions. Nonresidential specialty trade contractors grew by 10,200 jobs. Average hourly earnings for the construction industry also grew by 5.8% year over year, 1.2% higher than the average growth across all private industries.
These numbers are great news for existing and aspiring contractors. Even in the face of challenges presented by a global pandemic and economic uncertainty, the construction industry remains a promising field to work in. Jobs are still increasing and business is booming.
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