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Construction declined by 1,000 in March but is still up by 282,000 compared to the prior year, as the sector's unemployment rate fell to 9.5 percent, according to an analysis by AGC of America. Association officials noted that declining demand for residential and public sector projects offset gains in other areas to contribute to the overall month job losses.
Construction employment expanded in 278 metro areas, declined in 36 and was stagnant in 44 between February 2014 and February 2015, according to a new analysis of federal employment data released today by AGC of America. Association officials said the job gains come as private sector demand, particularly for multifamily housing, offset declining public sector investments, labor shortages and the challenges of a slowing global economy and declining oil prices.
Construction spending inched down in February from January levels but increased from a year earlier, according to an analysis by AGC of America. Association officials noted that the latest construction figures were held back by declining demand for single family homes and declining public sector investment levels.
Construction employers added 39,000 jobs in January and 308,000 over the past year, reaching the highest employment total since February 2009, as the sector's unemployment rate fell to 9.8 percent, according to an analysis by AGC of America. Association officials said the job gains come as most construction firms report plans to expand headcount this year, but worry about growing shortages of qualified workers.
Construction spending rose in December to a six-year high of $982 billion as public construction for the year increased for the first time since 2009, according to an analysis by AGC of America. Association officials said President Obama's budget proposal and his suggested infrastructure funding program should help construction spending continue to grow by accelerating debate about the best way to fund repairs to the nation's aging roads, bridges, and other public infrastructure.
Construction firms added jobs in 40 states and the District of Columbia between December 2013 and December 2014 while construction employment increased in 38 states and D.C. between November and December, according to an analysis today of Labor Department data by AGC of America.
Eighty percent of construction firms plan to expand their payrolls in 2015 while only 7 percent expect to reduce headcounts according to survey results released today by the Associated General Contractors of America. The survey, conducted as part of Ready to Hire Again: The 2015 Construction Industry Hiring and Business Outlook, indicates that most contractors are optimistic about the year ahead and ready to expand, but will have to cope with challenges including worker shortages and regulatory burdens.
The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in response to today's announcement of new Build America Investment Initiatives By President Obama: "The new Build America Investment initiatives outlined by the Obama administration today will help boost our economy and help rebuild aging infrastructure. The steps being taken by the administration should make it easier for state and local officials to finance a wide variety of projects designed to upgrade aging clean water systems, improve power transmission networks and keep our roads and bridges safe."
Construction employers added 48,000 jobs in December and 290,000 for the year, the largest annual increase since 2005, as the sector's unemployment rate fell to 8.3 percent, according to an analysis by AGC of America.
Construction spending edged down in November but outlays for the year remained on track for a modest increase over 2013 totals, according to an analysis by AGC.