Recovering Housing Market Fueling Construction Job Growth
Five years since the last recession started, payrolls in the U.S. private sector are still 2.9 million less than pre-recession levels. The construction sector, which usually employs only 6% of U.S. total jobs in the private sector, has lost 1.7 million jobs during the same period. With the recovery in the housing market accelerating, hiring in the construction sector is regaining momentum. Over the past three months, construction payrolls have increased by 111,000, accounting for approximately 18% of total job growth in the private sector.
U.S. CONSTRUCTION JOB GAINS AS A SHARE OF TOTAL PRIVATE SECTOR JOB GAINS