BLS: Construction Unemployment Rates Show No Change Year-Over-Year

Regardless of the present financial uncertainty, building unemployment numbers stay low, in response to a report by the U.S. Bureau of Labor Statistics. The non-seasonally adjusted (NSA) unemployment fee was 5.4% in March, the identical fee recorded in March 2024.

Bernard Markstein, president and chief economist of Markstein Advisors, who analyzed the report for Related Builders and Contractors (ABC), stays cautious in regards to the building financial system going ahead. “Though March state building unemployment charges present a comparatively wholesome stage of building employment, rising uncertainty in regards to the enterprise local weather over the rest of this 12 months and 2026 is weighing on contractor and developer plans,” he stated in a press release by ABC.

Damaged out by state, the report reveals 19 states reported decrease building unemployment charges whereas 25 had greater charges, and 6 confirmed no change. Among the many lowest had been in South Dakota, Oklahoma and New Hampshire, at 1.9%, 2.3% and a pair of.8%, respectively. The best charges had been in Rhode Island, at 16%, and New Jersey, at 12.2%.

“Confusion surrounding tariffs and their impression on constructing supplies costs has elevated the extent of uncertainty. That is on prime of continued elevated rates of interest and better labor prices,” stated Markstein. “These considerations are stoking fears of a significant financial slowdown and the potential for a recession. For now, a lot of the building business is slowing or briefly halting hiring employees as they search larger readability as to the place the financial system is headed.”