Thursday, June 18, 2020

Content Courtesy of Engineering News-Record

By: Tom Ichniowski

Construction employment bounced back strongly in May from April’s mammoth losses, adding 464,000 jobs during the month, the Bureau of Labor Statistics has reported.

The bureau’s latest monthly employment report, released on June 5, also shows that construction's unemployment rate improved, but still stands at a worrisome 12.7%.

Construction's added jobs contributed to a surprisingly large 2.5 million increase in overall employment in May.

Construction economists viewed the numbers as positive news but cautioned that economic clouds could gather down the road.

The BLS report indicates that construction’s April jobs numbers were even worse than the bureau initially estimated. In its new report, BLS revised the industry’s April job losses downward by 20,000, to 995,000. That reflects the sharp downturn in the economy from the coronavirus.

The jobs added in May recoup 47% of the April losses.

Moreover, construction’s May jobs gains were significant across all industry sectors.

The specialty trade contractors segment led the way, adding 325,300 positions.

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