Share this on FacebookOctober 5th, 2020 | by NEWCA
According to a recent press release from Associated Builders & Contractors (ABC), the construction industry saw a net gain of 26,000 jobs in September based on their analysis of data released from the U.S. Bureau of Labor Statistics. Over the past five months, the construction industry has added nearly 700,000 jobs. That means the industry has recovered more than 60 percent of the jobs lost at the outset of the Coronavirus pandemic.
Of the net 26,000 new jobs in the construction industry, 4,000 were in nonresidential construction. Additionally, two subunits—nonresidential building and nonresidential specialty trade—also saw gains adding 5,300 and 2,100 jobs respectively.
ABC’s chief economist Anirban Basu warns that the numbers give some cause for concern nonetheless, “The economic recovery that began in May is losing momentum, as Congress has failed to pass another stimulus bill to offset the continued impacts of the pandemic on travel, tourism, energy production and many other industries.
“With many states still suffering high positivity rates and the economy not fully reopening, combined with the uncertainties of an especially contentious presidential election, elevated financial market volatility and looming winter weather, the near-term outlook will continue to deteriorate absent further stimulus.”
You can read the whole release including their charts on the gains here.