The construction industry added 11,000 jobs (net) in January, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. Construction employment expanded by 216,000 jobs, an increase of 2.7%, when compared with January 2023.
This marks the 10th straight month in which the construction industry added jobs.
The construction unemployment rate was 6.9% for January, which is tied for the third-lowest January rate on record.
“As a result of labor scarcity, construction wages surged in January, increasing at the fastest rate since July 2023," stated ABC Chief Economist Anirban Basu. "With both the construction industry and the broader economy continuing to grow at a rapid pace, contractors will struggle to remain adequately staffed over the coming quarters, especially with a majority of contractors intending to increase their staffing levels over the next six months, according to ABC’s Construction Confidence Index.”
The full press release can be read here.
