In November, U.S. employment bounced back after disruptions caused by strikes and hurricanes in October. Analysis of recent Bureau of Labor Statistics data by the National Association of Home Builders shows there was an increase of 227,000 nonfarm jobs in November. This marked the 47th straight month of job growth, the third-longest streak on record since January 2021.
The construction sector added nearly 10,000 jobs in November, up from 2,000 in October. Residential construction grew by 3,100 jobs, while nonresidential construction added 6,800 positions. On average, residential construction has added about 2,983 jobs per month over the last six months and 52,400 over the past year. Since the Great Recession, residential construction employment has increased by 1.39 million jobs.
In November, the unemployment rate for construction workers remained at 5.3% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level, after reaching 15.3% in April 2020 due to the housing demand impact of the COVID-19 pandemic. Read more
