The construction industry added 48,000 jobs in December. This is the second biggest gain in a single month all year behind the 51,000 jobs added in January. According to the Bureau of Labor Statistics, the construction industry added jobs every month in 2014, something that hasn’t happened since 2005. This is a great sign for the construction industry as it continues to grow but we are still a good 1.5 million jobs short of pre-recession numbers.
Unemployment in the construction industry rose to 8.3% in December. This is the second straight month that the unemployment rate has gone up despite adding 68,000 jobs in the last two months. Usually rising unemployment isn’t a good thing, but since jobs are still being added it indicates that more people are looking for work in the construction industry. This should level out at some point given the number of companies reporting problems finding qualified workers.
The construction industry added 290,000 jobs in 2014, almost double the 156,000 added the previous year. The industry averaged about 24,200 jobs added every month last year.
Looking at the employment numbers released earlier this week by ADP, the Human Capital Management firm, they reported the construction industry added 23,000 jobs in December 2014 and a total of 237,000 jobs for the year.
Comparing numbers between the two, the BLS states the industry added 53,000 more jobs compared to what ADP is reporting. ADP on the other hand states that current construction employment is at 6.216 million compared to BLS reporting total employment at 6.166 million.