Construction Employment Declined by 9,000 Jobs in March

Washington, DC, April 12, 2023-The construction industry lost 9,000 jobs in March after posting successive monthly gains since February 2022, as employment in both nonresidential and residential construction declined by 1,800 and 7,000 jobs, respectively, reports Dodge Analytics. 

However, on a year-over-year basis construction employment grew by 2.5%, or an increase of 196,000 jobs.

The construction unemployment rate declined in March but remained elevated at 5.6%, highlighting continued labor shortages and the impact of the banking sector turmoil.