US construction unemployment at a record low, wages up

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The US construction industry鈥檚 unemployment rate fell to a record low of 3.2% in August as the sector added another 34,000 jobs during the month.

That鈥檚 according to analysis of new data by the Associated General Contractors of America (AGC), which has been compiling figures on construction employment for the past 25 years.

Construction employment in August totalled 8,280,000, which was a seasonally adjusted increase of 34,000 from July. The sector has added 228,000 jobs during the past 12 months, an increase of 2.8%.

All types of construction firms added employees in August. Meanwhile average hourly earnings for production and nonsupervisory employees increase 3.8% to $35.81 per hour. Overall private sector pay for production workers rose 4.1% to $30.27, representing a wage 鈥減remium鈥 in construction of just over 18% compared to the overall private sector.

鈥淐onstruction job growth was the strongest in five months in August,鈥 said Ken Simonson, the association鈥檚 chief economist. 鈥淏ut the record-low unemployment rate for jobseekers with construction experience shows how much difficulty contractors face in finding qualified workers.鈥

鈥淭he jobs numbers would have been higher today if more firms could find qualified people to hire,鈥 said Jeffrey D. Shoaf, the association鈥檚 chief executive officer. 鈥淚nstead of boosting payrolls even further, contractors in many parts of the country are having to pass on bidding projects because there aren鈥檛 enough people to keep pace with demand.鈥

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