Contractors keep hiring in soft labor market
Building and specialty trade contractors added 103,200 jobs year-to-date through September, while all other employers laid off 439,000 workers. By the end of the year, overall employment is expected to be increasing 50,000-100,000 jobs a month (not enough to reduce the unemployment rate).
Construction jobs, however, are likely to level off at about the current very high level or decline slightly.
Of the unemployed in September, 651,000 last worked in construction. Some additional jobs will be found in nonresidential building, remodeling, and heavy construction. Fewer jobs will be found on the residential side, as the recent record level of housing starts is finished.
Overall, contractors will continue to be hiring in a relatively soft labor market through the end of next year.