According to an analysis by the Associated General Contractors of America (AGC), the construction sector added 30,000 jobs in the month of December 2012, which marks the largest monthly increase in nearly two years, and is reportedly due to growth in private sector demand.
The industry’s unemployment rate hit 13.5 percent compared to last year’s rate of 16 percent. According to the AGC, this indicates that formerly unemployed construction workers are leaving the industry at a faster rate than they are being rehired.
Of the 30,000 jobs added in December, residential construction added 18,100 jobs, increasing employment by 29,800 (1.5 percent) compared to a year ago. Although outpaced by residential construction, nonresidential construction added 11,900 jobs, which is a decrease of 12,400 jobs (-0.4 percent) compared to the prior year. AGC officials stated that growth in construction employment was likely held back due to uncertainties of the pending fiscal cliff.
To read AGC’s full press release, click here.