Skip to main content

Construction Industry Sees First Jobs Decline in Two Years

Mar 11, 2019
The construction industry lost 31,000 net new jobs from January to February, according to data from Associated Builders and Contractors (ABC)

The construction industry lost 31,000 net new jobs from January to February, according to data from Associated Builders and Contractors (ABC). However, industry employment is up by 223,000 jobs year-over-year.
 
Unemployment in the construction industry in February registered at 6.2 percent, down 0.2 percentage points from January. On a year-over-year basis, unemployment is down by 1.6 percent. However, the industry’s unemployment level is higher than the nationwide average of 3.8 percent.
 
“The implication is that one cannot simply ignore today’s jobs report as pure aberration,” said ABC Chief Economist Anirban Basu. “While it is likely that future months will be associated with better job growth numbers than today’s 20,000 jobs headline, U.S. economic growth appears to be generally softer in 2019 than it was in 2018. Today’s data also indicate lower construction unemployment and faster economy-wide wage growth, which all things being equal stand to negatively impact construction firm profitability. While recession is not immediately imminent, today’s jobs report should be considered a reminder that economic circumstances can change quickly, which means that contractors are advised to continue to manage cash flow carefully.”

 
About the author
Published
Mar 11, 2019
A&D Mortgage Completes $427M Non-QM Securitization

Company says transaction highlights expansion in the Non-QM market, notes it expects to price more deals this year

May 19, 2025
These U.S. Metros Could Be First-Time Buyers' Best Chance To Close A Loan

Even among top 10 most affordable areas, home sale prices more than doubled in four, nearly doubled in another three since 2015

May 15, 2025
As HELOC Opportunities Grow, Angel Oak Completes Its First HELOC Securitization

$191M inaugural offering sees strong investor interest; company says it plans to package more HELOCs alongside Non-QM securitizations

May 15, 2025
DOJ Opens Criminal Investigation Into NY AG Letitia James Over Mortgage Fraud Claims

Investigation follows April referral by FHFA Director Bill Pulte; potential charges include wire, mail, and bank fraud

May 09, 2025
Origination Volume Up, But Rocket Sees GAAP Net Loss Of $212M For Q1 2025

Company highlights strength of strategic acquisitions, integrations, product innovations as it furthers its mortgage ecosystem

May 09, 2025
Guild Reports 35% YoY Originations Increase For Q1 2025 Amid Market Volatility

Company sees net loss of $23.9 million for quarter due to valuation adjustment on MSRs

May 08, 2025