The Associated General Contractors of America released a new report that showed the construction sector added 23,000 jobs in June, while the employment rate dropped to the lowest rate on record for the month of June.
Additionally, the AGC analysis showed that payment levels continue to increase amid the need for construction workers.
“There was no letup in demand for construction workers in June, while the supply of available workers remained exceptionally tight,” said AGC Chief Economist Ken Simonson. “Both residential and nonresidential construction are expanding despite concerns about overall economic growth and inflation.”
The report showed June’s total construction employment was 7,947,000, an addition of 23,000 jobs or 0.3 percent from the previous month. It found roughly 198,000 jobs were added in the past year, an increase of about 2.6 percent. Nonresidential and specialty trade contractors were responsible for 12,200 employees in June, it noted.
Residential building and specialty trade employment contractors increased by 10,800 in June.
The unemployment rate of job seekers with construction experience is the lowest June rate in the entire 24-year data gathering, the report showed. In a separate government source, it was stated that 396,000 job openings for construction were available at the end of May. In addition, the data revealted an average hourly wage of $34.09 for production and non-supervised employees in construction.
While firms are looking for workers, they have strict requirements, which AGC believes stems from the fact that federal funding for education was less abundant than they hoped. As a result, college was recommended to the applicants.