Riding a wave of momentum, the construction industry celebrated more good news recently when the Associated General Contractors of America released their latest job report earlier this month. According to the report, the industry added a total of 6,000 jobs nationwide in the month of June and the unemployment rate dropped to 8.2 percent, the lowest level in six years.
Residential construction leading the way
From June 2013 to June 2014, residential construction employers have added 106,300 jobs, a 4.9% increase over the 12-month period. Over the same time frame, nonresidential construction reported an increase of 80,000 jobs, or a 2.2% increase, according to a recent article in the Louisville Business First. In all, more than 6 million people were employed in construction jobs as of June 2014.
Not all good news
Despite the positive growth, however, job numbers are still well below in the industry peak in 2006 of 8.7 million. Additionally, some experts argue that a part of the reason for the drop in unemployment figures is because construction workers have left the industry for other careers, draining the talent pool for construction companies looking to hire skilled workers. Regardless of which side of the debate you’re on, the positive growth is a sign that the economy may be slowly improving.
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