July’s job gains ‘shockingly’ strong as construction adds 32K positions

The construction industry added 32,000 jobs on net in July, according to data from the U.S. Bureau of Labor Statistics. Overall, nonresidential construction employment increased by 18,300 jobs, with specialty trades gaining 10,300 positions. The nonresidential building category added 4,900 workers, while the heavy and civil engineering sector gained 3,100. While the overall job gains were positive, Basu said the broader economic environment still poses significant challenges. For months, economists have been warning of recession, a possibility that was underscored when U.S. GDP contracted for two consecutive quarters through June. “Yes, the construction industry also added a healthy number of jobs in July, but the impact of macroeconomic deterioration is already apparent in other construction data,” said Basu. “Sky-high materials prices and shortages of skilled construction workers have forestalled a growing number of projects by suppressing demand at a time when the cost of delivering construction services remains elevated.”


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