The Bureau of Labor Statistics (BLS) released their jobs report today and construction industry had another great month in November. According to the report, the construction industry added 46,000 jobs in November. That was enough to take the top spot for most jobs added in a single month even after having October’s numbers revised up from 31,000 jobs added to 34,000 jobs. September’s numbers were revised up again from 12,000 jobs added to 19,000 jobs. To understand how important this is for the construction industry, the 46,000 jobs added in November is higher than the 45,000 total jobs added from May through September. So far this year, the construction industry has added 215,000 jobs. Over the past 12 months the industry has grown by 259,000 jobs.
The unemployment rate for the construction industry remained at 6.2% in November despite the large gains in jobs. All areas of construction added jobs with the biggest gains coming from residential specialty trade contractors which added 25,000 jobs in November.
ADP, the Human Capital Management firm, released their jobs report earlier this week and reported the construction industry added only 16,000 jobs in November. They also revised their October numbers down from 35,000 jobs added to 32,000 jobs added. ADP’s numbers indicate the construction industry added 259,000 so far this year and 292,000 jobs over the last 12 months.
The BLS has total construction employment at 6,490,000 which is slightly lower than the ADP total of 6,543,000 jobs. The difference between the two reports continues to shrink with only 53,000 jobs more in the ADP report.
It’s good to see that the majority of jobs added, 35,000 of the 46,000 jobs, for the construction industry in November were for specialty trade contractors. This is the one area where there have been widespread reports across the nation of shortages. As construction spending continues to grow each month, construction firm owners need to continue to add workers to meet the growing demand for construction.