The construction industry lost 9,000 jobs in March, according to the U.S. Bureau of Labor Statistics. This marks the first time that the industry has lost jobs since January 2022. The losses were concentrated in the nonresidential specialty trade contractors category, which lost 13,900 jobs. The nonresidential building and heavy and civil engineering construction categories also shed jobs, while residential building added jobs.
The construction industry has been recovering from the COVID-19 pandemic, but the recent job losses suggest that the recovery is slowing. There are a number of factors that could be contributing to the slowdown, including rising inflation, supply chain disruptions, and the war in Ukraine.
The loss of construction jobs is a concern for the economy. The construction industry is a major employer, and it contributes to economic growth. The slowdown in the construction industry could have a ripple effect through the economy, leading to job losses in other sectors.
It is important to monitor the construction industry closely to see if the job losses are a temporary setback or the beginning of a longer-term trend. If the job losses continue, it could have a significant impact on the economy. To view the full article by ENR, click here.
