The 2020 Mid-Year Economic Update_long

Construction Sector Unemployment Rate Drops to 6.4% in October

Construction employers added 12,000 jobs in the month.

Construction employers added 12,000 jobs in October and the sector's unemployment rate fell to 6.4 percent, the lowest rate for October since 2006, according to analysis released by the Associated General Contractors of America. Association officials said the construction employment gains, along with rising wages and weekly hours, are consistent with survey results showing more firms having a hard time finding enough qualified workers to fill available positions.

Construction employment totaled 6,095,000 in October, the highest total since May 2009, with a 12-month gain of 231,000 jobs or 3.9 percent, Ken Simonson, the association's chief economist, noted. Residential building and specialty trade contractors added a combined 8,000 employees since September and 130,600 (6 percent) over 12 months. Nonresidential contractors – building, specialty trades, and heavy and civil engineering – experienced an overall gain of 3,600 employees for the month and 99,800 (2.7 percent) over 12 months.

“For the past several months, the construction industry has added jobs at double the all-industry rate of 1.9 percent rate,” Simonson said. “Construction wages, which were already higher than the private-sector average, rose 2.6 percent in the last year – the fastest rate since early 2010 – as contractors ramped up their search for qualified workers.”

Association officials said a survey of nearly 1,100 member firms released in October showed 83 percent of respondents reported difficulty finding craft workers and 61 percent said other professional positions were hard to fill.

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.