Construction firms added 18,000 workers in January, as the industry’s unemployment rate declined to a 17-year low of 8.5 percent, according to an analysis of new government data by the Associated General Contractors of America. Association officials noted that the number of construction jobs added in January was down compared to the last three months of 2015 and could reflect either a slowdown in nonresidential construction activity or an inability of contractors to find qualified workers.
“While the construction industry continues to add jobs, the January figures mark a significant decline in the rate of growth compared to the end of last year,” said Ken Simonson, the association's chief economist. “It will take a few months to evaluate whether firms are running out of people to hire or if broader economic uncertainty is leading to a decline in demand for many types of construction services.”
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