Construction industry employment decreased by 15,000 jobs in March, putting a small dent in February’s impressive gain of 65,000 positions, upwardly revised from 61,000, the U.S. Bureau of Labor Statisticsreported Friday. Since March 2017, the construction sector has added 228,000 new jobs.
The nonresidential sector lost 8,200 jobs in March — nonresidential building (+2,200), heavy and civil engineering construction (-3,600) and nonresidential specialty trade contractors (-6,800).
The loss of jobs, said Anirban Basu, chief economist for the Associated Builders and Contractors, could be a result of the uncertainty surrounding the Trump administration’s new trade policies and escalating trade tensions with China. This has stymied the progress, he said, that the construction industry should be seeing after passage of the tax reform package last year. Basu added that the construction industry is more sensitive to policies and events that affect confidence because construction projects involve the risk of financing and long lead times to completion. Read more>
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Ginny Nolan Ginny leads the research effort for Morrissey Goodale's executive search team. Her understanding of the AEC industry, combined with her experience in candidate sourcing, helps clients achieve consistent successful strategic hires.