The U.S. construction industry unemployment rate in June fell to 9.8 percent, its lowest point since September 2007.
The industry added 13,000 jobs last month to lead the decrease in unemployment from 10.8 percent in May and 13.2 percent in April, according to an Associated Builders and Contractors Inc. news release analyzing Department of Labor data.
Through June, construction employers added 190,000 jobs, representing a 3.4 percent increase year to year.
“While the economy continues to face a number of headwinds, including most recently in the form of higher interest rates, the wealth effect associated with rising equity markets and home prices dominates the recovery,” ABC Chief Economist Anirban Basu said in the release. “The result has been steady expansion in consumer spending, which is associated with expanding job creation in closely aligned sectors of the economy.
"For construction contractors, the implication is that the volume of work associated with lodging and shopping center construction will continue to march higher."
Leading construction job increases in June was a 5,600-job bump in the heavy and civil engineering construction field, followed by 5,100 jobs added in residential specialty trade.
The
U.S. unemployment rate in June was unchanged at 7.6 percent, though employers added 195,000 jobs during the month.[[In-content Ad]]
