Construction Unemployment Falls to 12.8% in June

Associated Builders and Contractors said with the addition of 2,000 jobs last month, the nation’s construction industry unemployment rate fell to 12.8% in June, down from 14.2% in May, according to the recent employment report by the U.S. Labor Department. One year ago, the construction unemployment rate was 15.6%

The trade publication said the number of unemployed construction workers now stands at 1.04 million, down from 1.32 million a year ago. However, much of this improvement is attributable to a decline in the size of the construction workforce, which now totals 8.12 million people, down from more than 8.44 million people a year ago.

“Given recent progress in Europe regarding sovereign debt and banking issues, as well as some recent signs of legislative progress in the U.S., the level of economic uncertainty may abate somewhat over the near-term,” said the trade publication’s chief economist, Anirban BAsu. “That would help reignite nonresidential construction’s recovery, though improvement in industry fortunes is unlikely to be immediate.”

To read the Associated Builders and Contractors article click here.