The nation’s construction industry saw a gain of 39,000 jobs last month, one of its strongest performance in recent months, according to just released figures from the Bureau of Labor Statistics.
The numbers were up in nearly all categories, with residential construction seeing an increase of 14,400 over the month before; and specialty trade and heavy and civil engineering posting a significant gain of 24,600 jobs compared with February.
The nonresidential specialty trade sector saw an increase of 16,300 jobs; while residential building was up by 5,500 new jobs.
In a statement, Anirban Basu, chief economist with the Associated Builders and Contractors, characterized the latest jobs report as a “blockbuster,” adding that the new figures indicate that a recession “is not arriving anytime soon.”
Basu additionally noted that the 39,000 new jobs were “roughly twice the monthly growth observed over the past year.”
Ken Simonson, chief economist with the Associated General Contractors of America, remarked: “All types of construction firms were hiring in March.”
But the AGC analyst also observed that the record number of job openings posted in February “indicates contractors would have hired even more workers if they were available to keep pace with demand.”
Overall, the country experienced a gain of 303,000 new jobs in March across all industries, a figure that the New York Times characterized as evidence that “robust hiring and rising wages can continue to coexist while inflation eases.”
The largest gains were seen in the education and health sectors, with 88,000 new jobs; followed by government employment, seeing an increase of 71,000; and the always-growing leisure and hospitality sector with 49,000 additional jobs.
A narrative from BLS noted: “Employment showed little or no change in other major industries, including mining, quarrying, and oil and gas extraction.” The transportation, warehousing, and financial activities sectors were also generally flat.
In looking at the new job landscape, the Wall Street Journal noted that the figures were up from 270,000 jobs in February, and much higher than expectations of 200,000.
By Garry Boulard
