Construction unemployment rose in August, and that’s good news for contractors

The construction unemployment rate rose to 3.9% in August, a significant jump from July’s near record low of 3.5%, providing evidence that the sector’s overheated jobs market is beginning to cool without cratering. With wages expanding 5.2% in all industries over the last year, and 5.3% in construction, it’s an indication that a combination of inflation and rising pay rates have induced workers back to their jobs, after the exodus of the Great Resignation. While year-over-year construction wage gains are still historically high, they only jumped by 5 cents in August from the month before, less than a tenth of a percent, to $34.82 per hour on average. That also could signal more measured times ahead for contractors, who have been dealing with the double hit of rising wages and costs on materials.

Share This Article: