Construction unemployment about to skyrocket

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The construction industry could be facing significant layoffs, with data pointing to a downturn in spending and project starts. Though construction unemployment was a low 4.2% as of October 2024, signs of weakening demand may soon reverse that trend. The industry, which reported 374,000 job openings as of December 2023 due to skilled worker shortages, may not maintain its current employment levels if demand continues to cool.

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September’s construction spending edged up only 0.1%, reaching an annualized rate of $2.148 trillion. While year-to-date spending is still up 7.6% from 2023, recent trends suggest this growth may not be sustained. Some sectors are reporting gains, but others are in decline, casting doubt on the industry’s resilience.

New project starts also show mixed results, with many sectors projected to experience a downturn in construction volume over the next two years. This slowdown could put construction employment at risk, raising concerns about job stability as the industry navigates these uncertain times.

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