It is hard not to pay attention to job numbers these days. But just as Guam is seeing some traction on the Guam Buildup front, news out of the Associated Builders and Contractors (ABC) late last week is paining a bleak picture of the days and months to come in relation to construction jobs.
Citing a U.S. Bureau of Statistics report, an ABC analysis has found that America's. construction industry lost 15,000 net jobs in May. The monthly number is the worst for the industry since December 2013. During the period, just shy of three years ago, payroll shrank by 15,000 jobs. The ABC says that the construction industry has lost jobs over the last two consecutive months-the first time this has happened in four years.
"Today's jobs report was earth-shattering," said ABC Chief Economist Anirban Basu on the June 3, 2016-dated report. "This signals the worsening of the industry-wide skilled labor shortage."
Basu notes that the job losses will spark discussions across the Country of a recession after staving off such for the past three months.
"Without question, the U.S. economy is associated with significant weakness," said Basu. "Still, contractors should be on guard."
The construction industry unemployment rate fell to 5.2 percent in May, its lowest level since October 2006. The nonresidential construction sector lost 2,100 jobs in May after adding 4,700 jobs in April. Nonresidential specialty trade contractors added 3,000 jobs for the month, and employment in that category is up by 67,500 jobs or 2.9 percent from the same time one year ago. The heavy and civil engineering construction segment lost 8,200 jobs in May but is up by 7,000 positions or 0.8 percent on a year-over-year basis.
To find out more about how GET, LLC, through our construction equipment and materials partners can help your next project, give us a call at 671-483-0789 or check out our website at www.get-guam.com for more information. GET, LLC is a proud member of the National Association of Women in Construction (NAWIC) and stand in support of enhancing the success of women in the construction industry.