Manufacturing & The Economy
The unemployment rate for construction workers fell below double digits in June for the first time since 2008 as every segment of the industry added employees, according to an analysis of new government data by AGC of America. Association officials said the relatively positive jobs report for the sector highlights the need to address potential shortages of skilled and entry-level workers.
The unemployment rate for workers who last worked in construction declined to 9.8% from 12.8% in June 2012, not seasonally adjusted, and the number of unemployed construction workers dropped by 214,000 to 825,000. The latest numbers were the best June figures for each series since 2008.
Construction employment in June totaled 5,812,000, an increase of 190,000 or 3.4% over the past year. Aggregate weekly hours of all new and existing construction employees expanded by an even larger 4.7%, as companies put more workers on overtime.