Construction Employment Declines by 1,000 in July as Industry Unemployment Rate Drops to 12.3 Percent

Construction employment declined by 1,000 in July even though the industry’s unemployment rate fell to the lowest level since 2008, according to an analysis of new federal data released today by the Associated General Contractors of America. The sector’s unemployment rate has steadily declined since 2009 as hundreds of thousands of out-of-work construction workers have left the industry seeking other opportunities, the association’s economist cautioned. “Employment levels in the construction industry have remained relatively stagnant for 2-½ years,” said Ken Simonson, the association’s chief economist. “The declining unemployment rate has more to do with frustrated job seekers leaving the industry than it does any improvement in demand for construction work.” Read the full press release here. The news was covered by Politico.