Residential construction employment surges

Home COVID-19 COVID-19-home Residential construction employment surges

residential construction employmentWashington, D.C.—Residential construction employment increased by 37,000 in March and has now surpassed the level in February 2020, before the COVID-19 pandemic led to massive job losses in construction and other sectors of the economy, according to the National Association of Home Builders (NAHB).

About 518,000 residential construction jobs were created in the past 11 months, offsetting all the 471,800 residential construction jobs lost in March and April of 2020 and February 2021.

Residential construction employment now stands at 3 million in March, broken down as 873,000 builders and 2.2 million residential specialty trade contractors. The six-month moving average of job gains for residential construction was 17,633 a month. Over the last 12 months, home builders and remodelers added 87,900 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 1.05 million positions.

By comparison, while non-residential construction added 73,100 jobs last month, only 64% of non-residential construction jobs lost in March and April last year have been recovered. Aggregate construction industry (both residential and non-residential) employment totaled 7.5 million in March.

The economy lost 22.7 million jobs in March, April and December of 2020 due to the impact of the COVID-19 pandemic. In the past 11 months, 14.3 million jobs have been recovered, however, total non-farm employment in March is still 6% lower than its February 2020 level a year ago.

In March, the unemployment rate for construction workers declined to 6.6% on a seasonally adjusted basis. After reaching 14.1% in April 2020 due to the impact of the COVID-19 pandemic, the unemployment rate for construction workers has been trending lower for the past 11 months.

Must Read

David Gross named INSTALL executive director

Washington, D.C.—INSTALL appointed David Gross as its new executive director. Gross began his new position on Dec. 1, 2022, upon the retirement of the...

Mohawk debuts new SmartStrand Color Wall 

Calhoun, Ga.—Mohawk is investing in the powerhouse product brand with a state-of-the-art merchandising destination, the SmartStrand Color Wall. Designed to elevate the overall shopping...

Sika launches MB EZ Rapid

Chino, Calif.—Sika introduced MB EZ Rapid, a single-component, rapid-drying moisture barrier, adhesion promoter and substrate consolidator for all floor covering installations over critical substrates...

Jay Kopelson to receive WFCA Luminary Award

Las Vegas—World Floor Covering Association (WFCA) announced that Jay Kopelson, VP of corporate accounts at Mannington Mills, will receive its Luminary Award. The Luminary...

Tackling TISE: Show strategies from veteran show goers

Las Vegas—The pace of The International Surface Event (TISE) can resemble a track meet at times as attendees traverse the expansive Mandalay Bay Convention...

New and notable at TISE 2023

Along with the anticipated uptick in attendance at The International Surfaces Event (TISE) 2023 comes an increase in exhibitors as well, especially new vendors....
Some text some message..