Despite the current economic uncertainty, the number of unemployment in the construction is low, according to a report from the U.S. Labor Statistics Office. The non -adjusted unemployment rate (NSA) was not temporarily 5.4% in March, the same rate recorded in March 2024.
Bernard Markstein, president and chief economist of Markstein Advisors, who analyzed the report for associate builders and contractors (ABC), is still prudent on the construction economy. “Although the unemployment rates of state construction in March show a relatively healthy level of construction employment, the increase in uncertainty on business climate for the rest of this year, and by 2026 weighs on the plans for contractors and developers,” he said in a statement from ABC.
The report was broken down by the state, showing that 19 states reported lower construction rates, while 25 had higher rates and six did not show any change. Among the lowest were in South Dakota, Oklahoma and New Hampshire, 1.9%, 2.3%and 2.8%, respectively. The highest rates were in Rhode Island, at 16%, and New Jersey, at 12.2%.
“The confusion around the rates and their impact on the prices of construction materials has increased the level of uncertainty. This is at the top of the high interest rates and the highest employment costs,” said Markstein. “These concerns are afraid of significant economic slowdown and the possibility of a recession. At the moment, most of the construction industry slows or temporarily stops the hiring of workers, as they are looking for greater clarity over where the economy goes.”
