The 5,000 person gain in construction employment was the net result of the gains in employment associated with the construction of buildings being partially offset by declines in the hiring associated with the finishing of buildings. Over the past eleven months we have added 240,000 jobs in the construction sector. That gain represents 10.8% of the gain in total private employment.
It is worth noting here that the combined year-to-date gains in manufacturing and construction account for 22% of the total gain in private payrolls. Which is both good and bad news. The good news is that we like to see robust growth in both of these sectors that have high wages. The bad news is both of these sectors are always involved in recessions. So, the question of sustainability is critical here.
