Economists polled by Dow Jones forecasted a decline of over 8 million jobs, but in May, the economy actually added 2.5 million, according to Construction Dive. Construction saw its own bump of 464,000 net new jobs as state restrictions lift and builders ramp up to full speed. All three sectors of nonresidential construction increased the net number of jobs in May. Economists warn that we’re still behind last year as the nonresidential stats trail 286,000 jobs compared to the same time in 2019. But compared to the historic job loss the month prior, it's still a win.
“One way to look at this stunning jobs report is to suggest that economists missed the mark by approximately 10.5 million jobs,” said ABC Chief Economist Anirban Basu in a press statement. “Economists polled by Dow Jones had forecasted a decline exceeding 8 million jobs. Instead, the economy added a bit more than 2.5 million jobs. It’s also possible that economists missed the mark by two to four weeks, as the economy opened up faster than most economists expected and consumers have been far more willing to engage the economy than many thought possible given the ongoing personal and public health risks presented by COVID-19."
The economy beginning its recovery sooner and more dramatically than anticipated is "purely good news" for contractors, he said, as fewer projects are likely to be postponed or canceled.