Hiring in construction isn’t slowing down, with job growth up in June adding over 25,000 jobs to the sector. Yahoo Finance Reporter Dani Romero breaks down the numbers.
RACHELLE AKUFFO: Well, jobs in construction grew once again in June, adding more than 20,000 jobs to the sector. Let’s get the breakdown with Yahoo Finance’s Dani Romero. Hey, Dani.
DANI ROMERO: Hi there, Rachelle. Well, hiring in construction isn’t slowing down. So let’s take a look at these numbers. The number of construction jobs that were added were 23,000 in June.
And then let’s go into a deeper dive into what this actually means. So for building and construction– so this is for commercial and residential building. It grew there. Heavy and civil engineering construction is more on the infrastructure jobs, so think of civil engineering. So that also grew this month.
And then the specialty trade contractors– think of painters, electricians, those that remodel– that also grew, that chunk of jobs. Let’s go even further into the data. All right, so on the residential side, we saw that jobs in construction grew about 929,200 jobs. So definitely, we’re seeing that bump that we’ve also seen in the data in new homes data as well.
So definitely, a lot of jobs are added this month in June for both construction. Now, let’s move on to non-residential. These are schools, office buildings, hospitals, manufacturing facilities. So definitely, an uptick there. That is a very good sign looking ahead.
And then for civil engineering– that is the infrastructure job, so that is civil engineers– also boosted by the JOBS Act. That came in very much positive. And then for residential specialty, definitely grew there. Those are for residential and multifamily buildings. RACHELLE AKUFFO
And for non-specialty residential– sorry, for non-residential specialty jobs, that also grew this month in June. So definitely, a positive picture, Rachelle. Construction is definitely– there is a demand for construction workers in June.
And if we take a look at this number, the non-residential specialty number, that really shows that– you know, we’ve kind of seen the wonky headlines when it comes to commercial real estate, but there’s still a demand for workers, especially in these– you know, to build those luxury buildings. So definitely, Rachelle, even though those headlines could suggest something else, definitely in construction, it is a positive sign out there.
RACHELLE AKUFFO: So, Dani, connect the dots for us then. What do the residential construction job numbers say about the housing market?
DANI ROMERO: So this report definitely was strong and shows that there is a lot of demand for construction workers, and specifically on the residential side. I mean, we saw new homes sales really jump up in May. That really is signaling that the tight supply in housing is really pushing buyers to the new home market.
So there really is a demand for construction workers. And also, we need those– we still are under-supplied by 1.7 million homes, Rachelle, overall. So definitely, you know, this is a positive sign that there is no slowing down in construction and hiring for construction workers.
So definitely, this is really just signaling that we are moving in the right direction. The housing market has definitely rebounded. And these numbers are really coming in strong and proving that to be true.
RACHELLE AKUFFO: So certainly, hopefully, some light at the end of the tunnel for people who’ve been trying to get into the housing market but still stuck with a lack of inventory. A big thank you there to our very own Dani Romero.
02 8005 6525
info@aktengineering.com.au
Recent Comments