US construction employment increased by 23,000 jobs in August and by 297,000 jobs over the past year, reaching a 10-year high, while the industry’s unemployment rate stood at an all-time low, according to an analysis of new government data by the Associated General Contractors of America (AGC).
Construction employment totaled 7,259,000 in August, the highest level since May 2008 and a gain of 4.3 percent over the past 12 months. The AGC pointed out that the year-over-year growth rate in industry jobs was more than double the 1.6 percent rise in total nonfarm payroll employment.
Employment in residential construction – comprising residential building and specialty trade contractors—grew by 12,900 jobs in August and added 136,600 jobs over the past 12 months, a 5.1 percent increase. Employment in nonresidential construction—including building, specialty trades, and heavy and civil engineering construction—grew by 9,600 jobs in August and increased by 160,500 during the past year, a 3.8 percent increase.
Hourly earnings in the industry averaged $29.95 in August, an increase of 3.3 percent from a year earlier. Average hourly earnings in construction are now 10.3 percent higher than the average for all nonfarm private-sector jobs, which rose 2.9 percent in the past year, to $27.16. Meanwhile, the unemployment rate for workers with construction experience in August was 3.4 percent, matching the all-time low set in July and more than a percentage point lower than the August 2017 rate of 4.7 percent.