Half of state construction unemployment rates declined in December 2023 compared with December 2022, according to an analysis by the Associated Builders and Contractors.
During the same period, four states had unchanged construction unemployment rates, and 21 states recorded higher construction unemployment.
Overall, construction employment was up by 230,000 compared with December 2022. Seasonally adjusted construction employment exceeded its pre-pandemic peak of 7.6 million in December 2023.
“Continued high interest rates have been a drag on plans for new construction,” stated Bernard Markstein, president and chief economist of Markstein Advisors, who conducted the analysis for ABC. “However, industry employment remains healthy, as builders work on their backlog of projects and employers fill some of their advertised positions. Nonresidential construction activity and employment is benefiting from federal funding and tax incentives for manufacturers, as well as funding for state and local infrastructure projects.”
