U.S. Construction Employment Increases

• Last week, the U.S. Bureau of Labor Statistics data showed that 256,000 new jobs were added in, December 2024, blowing out the anticipation of 165,000 expected jobs and the recorded 212,000 jobs added in November.
• The construction industry also saw increases, albeit at a much muted level.
• The U.S. construction industry added 8,000 new jobs in December on top of another 8,000 jobs added in November, reversing a 1,000 net job loss in October.

Why This Matters:
There have been apocalyptic predictions that the construction industry will not have enough labor to meet demand, chiefly due to baby boomer retirements and a lack of interest in the trades among younger generations. While this data does not turn that tide, it does demonstrate that more people are entering the industry. While a 2.4% year-over-year increase in jobs in 2024, along with a 0.10% month-over-month increase from November to December are a step forward, the industry has long-term need that are unlikely to subside anytime soon.