Associated Builders and Contractors Chief Economist, Anirban Basu recently reported that: “Despite the addition of 28,000 jobs in January, the nation’s construction industry unemployment rate shot up to 16.1 percent, according to the Feb. 1 employment report by the U.S. Department of Labor.”
According to Basu, “January’s rate marks an increase from 13.5 percent in December 2012, but a decrease from 17.7 percent the same time last year. Year over year, construction employment has risen by 102,000 jobs, or 1.8 percent.”
Although for two consecutive months, the nation’s construction industry has added jobs, Basu questions whether the, “improved performance is indicative of a broadening construction industry recovery or an example of the statistics being impacted by temporary phenomena.” He cites two possible reasons – the winter months which see employment fluctuation from weather as opposed to economic forces, and construction hiring due to Hurricane Sandy rebuilding which creates a temporary increase in construction activity.
To view this and other Associated Builders and Contractors Construction Economic Updates go here: http://www.abc.org/NewsMedia/ConstructionEconomics/