The Bureau of Labor Statistics reported today that total nonfarm* payroll employment rose by 215,000 jobs in March. While the overall unemployment rate of 5% saw little change, employment increased in several sectors, including construction which rose by 37,000 jobs from February 2016 to March 2016. More specifically, increases in jobs occurred for residential specialty trade contractors and in heavy and civil engineering construction.
The increase in jobs is reflective of the increase in construction spending. The United States Census Bureau reported today on February’s construction spending, which was up 10.3% from February 2015. Construction spending in both private and public sectors are showing increases from 2015 to 2016. Specifically, spending for office and commercial construction is up 25% and 11% respectively. Construction spending for Health Care is up 3% while construction spending in Education is up 8%.
*Nonfarm- A statistic by the U.S. Bureau of Labor Statistics representing the total number of paid U.S. workers of any business, excluding: general government employees, private household employees, employees of nonprofit organizations that provide assistance to individuals and farm employees
Related: Construction Labor Shortage