The construction industry lost 9,000 jobs in March, with nonresidential construction employment falling by 1,800 positions on net. However, industry employment grew by 196,000 jobs on a year-over-year basis. The construction unemployment rate declined to 5.6% in March, while the overall unemployment rate decreased from 3.6% in February to 3.5% last month. The chief economist of Associated Builders and Contractors warns that the nonresidential construction industry’s private segments could be affected by slowing economic growth, deteriorating confidence, and concerns regarding the nation’s banking system, which may lead to a recession within the next 12 months.
