The U.S. economy closed out 2015 with a huge round of job creation, according to the Bureau of Labor Statics report released today.
Unusually mild weather in much of the country, coupled with general improvement in the nation’s economy benefited construction and consequently construction unemployment rates. Over 45k construction jobs were added, however a reversal or slowdown in Q1 is expect, now that colder weather is setting in. Construction jobless rates improved in 37 states. Pennsylvania, New York and Rhode Island did not improve.
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Pennsylvania ranks 42nd with an unemployment rate of construction jobs at 8.5%. Rhode Island and New York stayed the same for month over month but still rank in the bottom half of unemployment numbers vs. the rest of the US.
One indication that the construction industry has been, and continues to be, on the mend is that the year-over-year change in the national not seasonally adjusted construction unemployment rate has fallen every month for over five years—starting in October 2010.
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Stephen Fean is the Vice President of Business Development at Watchdog Real Estate Project Managers, a consulting firm that provides project management and owners representation services for real estate projects. More about Watchdog Real Estate Project Managers as well as additional blog posts can be found here.