The residential construction industry added 5,500 jobs from May to June, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. Year-over-year, the residential construction industry lost 1,400 jobs.
The construction industry as a whole added 15,000 jobs from May to June and 121,000 jobs compared with June 2024, representing a 1.5% increase.
The construction unemployment rate fell to 3.4% in June, while unemployment across all industries declined from 4.2% in May to 4.1%.
“While many will cheer this jobs report, some construction firm leaders may not be among that group,” ABC Chief Economist Anirban Basu said in a statement. “While abating fears of recession are comforting, these data effectively slammed the door shut on a July Federal Reserve interest rate cut. A growing fraction of contractors is experiencing weakness in backlog as projects are postponed in an uncertain economic environment, coupled with stubbornly elevated borrowing costs.”
Read the full report here.
