The nation’s construction industry unemployment rate dipped to its lowest rate in nearly six years following the addition of 13,000 jobs in June, according to the latest report by the Department of Labor.
The boost in job numbers was the catalyst behind the industry unemployment rate’s fall to 9.8 percent, its lowest mark since September 2007. Since June 2012, the industry has added 190,000 jobs for an increase of 3.4 percent.
“The construction industry’s diminishing unemployment rate shows that societal income tied to wages and salaries continues to expand slowly, which suggests the economy will only grow at a moderate pace,” says Anirban Basu, the chief economist for the Associated Builders and Contractors.
“That should be enough to help drive nonresidential construction spending higher, but progress will remain gradual.”
Every major category of construction experienced gains in employment for the month, according to government figures. Nonresidential building construction employment increased by 700 jobs for the month and is up 2.5 percent (16,400 jobs) over the last 12 months. Residential building construction inched up by 100 jobs in June and is up by 2.3 percent (13,100 jobs) compared to the same time last year.
Nonresidential specialty trade contractors gained 2,100 jobs for the month and have added 47,100 jobs over the last year. Residential specialty trade contractors have added 5,100 jobs since May and 77,100 jobs since June 2012.
Overall, the nation has added 195,000 jobs as the private sector expanded by 202,000 jobs and the public sector shrank by 7,000 jobs. The nation’s overall unemployment rate remains unchanged at 7.6 percent, but is lower than the 8.2 percent registered in June 2012.