By: Associated Builders and Contractors
The not seasonally adjusted (NSA) national construction unemployment rate 0.1 point in September 2024 from September 2023, down from 3.7% to 3.6%; 24 states had lower construction employment rates over the same period, according to a state-by-state analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors (ABC).
Meanwhile, 41 states had higher rates and five posted the same rate over the same period.
In September, national NSA payroll construction employment was 230,000 higher than last September. Since February 2022, seasonally adjusted construction employment has exceeded its pre-pandemic peak of 7.6 million.
There is some indication of loosening of the construction employment market relative to its pre-pandemic level. As of this September, 21 states had lower construction unemployment rates compared to September 2019, 27 states had higher rates and two states (Kentucky and Wisconsin) were unchanged.
“Construction employment continues to grow, reflecting the overall strength in the economy,” said Bernard Markstein, president and chief economist of Markstein Advisors, in a statement. “Construction activity and employment will be aided by lower interest rates as the Federal Reserve eases its monetary stance. Continued federal infrastructure spending will be an added source for construction employment.”
