The nation’s employment report for October, released Nov. 2, indicated modest gains in job growth (an additional 171,000) and a slight rise in the unemployment rate, from 7.8% to 7.9%. But a closer look at the U.S. Bureau of Labor Statistics report shows that the construction industry -- especially in the residential building sector -- scored some impressive gains.
Employment in the construction industry rose 17% in October 2012 compared with the previous month. For residential buildings, the growth was 2.6%. Non-residential construction dropped 2.0%.
Measured another way, by specialty trade contractors, employment increased by 16.8%. Residential specialty trade contractors posted 6.7% job growth between October 2012 and September 2012, and non-residential contractor jobs were up 10.1% during that time period.