Since the recession, there is not an industry that hasn’t felt the crippling effects of unemployment and an under stimulated economy. The Department of Labor claims that the construction industry is starting to see more jobs. 45,000 more jobs in April alone, to be precise. Is this a sign of recovery from the economy? How is the industry doing as a whole? Check out this article for more information.
Construction’s April unemployment rate plunged to 7.5% from its year-earlier level of 9.5% as the industry added a solid 45,000 jobs, the Labor Dept. has reported.
The federal Bureau of Labor Statistics’ report on the nation’s employment picture, released on May 8, also showed that construction’s jobless rate was well below March’s 9.4% figure.
The 7.5% rate last month was the industry’s best April number since 2006, when the level was 6.9%.
The BLS rates aren’t seasonally adjusted. Construction’s rate tends to improve in the spring as the pace of projects picks up and firms add workers.
Anirban Basu, Associated Builders and Contractors chief economist, said in a statement that construction’s gains of 45,000 jobs last month “exceed all expectations.”
Basu added, “Construction spending should expand in the coming months as projects that were delayed during winter come to fruition.”
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