Nonresidential Construction Adds 17,100 Jobs in May
The construction industry added 21,000 jobs on net in May, according to an Associated Builders and Contractors analysis of data released today by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has increased by 251,000 jobs, an increase of 3.1%.
Nonresidential construction employment increased by 17,100 positions on net in May, with growth registered in all three major subcategories. Nonresidential specialty trade added the most jobs, with employment increasing by 13,000 positions. Nonresidential building and heavy and civil engineering added 3,000 and 1,100 jobs, respectively.
The construction unemployment rate fell to 3.9% in May. Unemployment across all industries rose from 3.9% in April to 4.0% last month.
Dodge Momentum Index Improved 3% in May
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 2.7% in May to 179.0 (2000=100) from the revised April reading of 174.3. Over the month, commercial planning progressed 5.5% and institutional planning slowed by 3.4%.
A total of 19 projects valued at $100 million or more entered planning throughout the month of May. The largest commercial project included the $500 million renovation of the former Mirage Hotel to a Hard Rock Hotel and Casino in Las Vegas, Nevada. The next two largest commercial projects to enter planning included the $495 million Prime Data Center in Fort Worth, Texas and the $481 million Prime Data Center in Garland, Texas. The largest institutional projects to enter planning were the $377 million renovation project to Neyland Stadium at the University of Tennessee and the $350 million Woodland Research and Technology Office in Woodland, California.
U.S. Census Bureau
Total Construction
Construction spending during April 2024 was estimated at a seasonally adjusted annual rate of $2,099.0 billion, 0.1 percent (±1.0 percent)* below the revised March estimate of $2,101.5 billion. The April figure is 10.0 percent (±1.5 percent) above the April 2023 estimate of $1,907.8 billion. During the first four months of this year, construction spending amounted to $635.5 billion, 10.9 percent (±1.2 percent) above the $573.0 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,611.9 billion, 0.1 percent (±0.7 percent)* below the revised March estimate of $1,613.3 billion. Residential construction was at a seasonally adjusted annual rate of $890.4 billion in April, 0.1 percent (±1.3 percent)* above the revised March estimate of $889.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $721.5 billion in April, 0.3 percent (±0.7 percent)* below the revised March estimate of $723.8 billion.
Public Construction
In April, the estimated seasonally adjusted annual rate of public construction spending was $487.1 billion, 0.2 percent (±2.1 percent)* below the revised March estimate of $488.2 billion. Educational construction was at a seasonally adjusted annual rate of $103.5 billion, 0.2 percent (±2.1 percent)* below the revised March estimate of $103.6 billion. Highway construction was at a seasonally adjusted annual rate of $149.6 billion, 0.5 percent (±6.7 percent)* below the revised March estimate of $150.4 billion.
