Construction unemployment rates improve year on year

Construction unemployment rates improve year on year

Construction unemployment rates improve year on year A report from the trade publication Construction Executive revealed that construction unemployment numbers in September improved year on year.

Citing Bureau of Labor Statistics (BLS) figures, the report said unemployment declined in 32 states in the pertinent period. The rate registered an average 5.2%, which is 0.3% lower than the same period in the previous year, the report said.

Further, it noted that this is the lowest rate since 2000, when unemployment was at 4.6%. BLS data also revealed that the construction sector employed around 200,000 people more in September this year compared to last year.

The rate is not seasonally adjusted (NSA).

“September 2016 marks the sixth year of uninterrupted monthly year-over-year rate decreases in the national construction unemployment rate that began in October 2010,” Bernard M. Markstein, president and chief economist of Markstein Advisors, said in the Construction Executive report.

“These industry-specific unemployment rates are not seasonally adjusted, so it is important to note states’ performance on a year-ago basis. The year-over-year improvement in the national unemployment rate, as well as in the rates of 32 states, demonstrates the steady improvement in the construction job market during the past year,” he added.
The states with the lowest unemployment rates, in descending order, are:  Colorado, South Dakota, Idaho and North Dakota (tied), and Massachusetts.


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