The construction industry added 464,000 jobs in May after a historic loss of 975,000 jobs in April, according to an analysis by the Associated General Contractors of America (AGC).
The industry’s 12.7% unemployment rate is the highest for the month of May since 2012, with 1.1 million former construction workers idled.
“The huge pickup in construction employment in May is good news and probably reflects the industry’s widespread receipt of Paycheck Protection Program loans and the loosening of restrictions on business activity in some states,” AGC Chief Economist Ken Simonson stated. “Nevertheless, the industry remains far short of full employment, and more layoffs may be imminent.”
The number of construction jobs remain 596,000 below the industry’s latest peak in February, AGC noted.
The full AGC report can be found here.
