Despite adding 155,000 positions in November, the the economic growth is significantly down from the 237,000 positions created in October. The construction industry added only 5,000 jobs in November, the lowest job growth in that sector in 2018.
“Construction Employers of America is extremely concerned with the precipitous drop in construction employment in November,” said Jack Jacobson, spokesperson for CEA. “Specialty construction employment shrank by 2,200 positions, the first drop in eight months. This sudden shift is alarming and may portend a looming economic contraction.”
Economists had predicted larger job gains, but recent market instability may have contributed to underwhelming job growth last month. Construction employment remained virtually unchanged at 7.3 million positions. Nonresidential specialty construction bore the brunt of bad news for the construction industry, shedding 3,000 positions in November.
“It is clear that economic growth is slowing,” continued Jacobson. “With interest rates rising and equipment spending at a two-year low, it’s certainly well past time for Congress to act on a robust infrastructure package. Infrastructure investment is one of the few places where the incoming Democratic House and President Trump agree. Construction Employers of America is ready to engage with lawmakers to make infrastructure a priority in 2019.”
For more information, visit constructionemployersofamerica.com.