Economy

AGC: Construction added 25,000 jobs in July

Written by David Schollaert

August 2, 2024

The construction sector added 25,000 jobs in July, driven by improved wage gains, according to the Associated General Contractors of America (AGC).

The AGC said that the gain was seen across all subsectors wage gains continued to outpace gains in the broader economy.

Despite the boost the industry continues to struggle with limited workforce, and unable to keep pace with demand, the AGC said.

“The construction industry has maintained a steady pace of employment gains even as job growth has cooled in other sectors,” the association’s chief economist, Ken Simonson, said in a press release. “Both residential and nonresidential construction firms are adding workers, and the industry’s ‘wage premium’ is growing relative to other sectors.”

Seasonally adjusted construction employment totaled 8,260,000, an increase of 25,000 from June. The construction sector has added 239,000 jobs over the previous 12 months, a 3% boost over the past year, nearly doubling the 1.6% increase for total nonfarm employment.

The unemployment rate among jobseekers with construction experience was 3.9% in July, unchanged vs. 2023. Simonson remarked that this is another indication of steady demand for construction.

The AGC argues that funding for construction education and training programs needs to be driven by all levels of government, urging them to “boost funding for programs that expose workers to career opportunities in fields like construction.”

“Considering that construction careers pay well and are in demand, it makes sense for public officials to do more to expose people to the profession,” said Jeffrey D. Shoaf, AGC’s CEO. “Construction firms can’t build if they don’t have enough people to do the work.”

The full July report is available on AGC’s website here.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

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