Residential Construction Employment Surpasses February 2020 Pre-Pandemic Level
Residential construction employment increased by 37,000 in March and has now surpassed the level in February 2020, before the COVID-19 pandemic led to massive job losses in construction and other sectors of the economy. About 518,000 residential construction jobs were created in the past 11 months, offsetting all the 471,800 residential construction jobs lost in March and April of 2020, and February 2021.
Residential construction employment now stands at 3.0 million in March, broken down as 873,000 builders and 2.2 million residential specialty trade contractors. The six-month moving average of job gains for residential construction was 17,633 a month. Over the last 12 months, home builders and remodelers added 87,900 jobs on a net basis.
Since the low point following the Great Recession, residential construction has gained 1.05 million positions. By comparison, while non-residential construction added 73,100 jobs last month, only 64% of non-residential construction jobs lost in March and April last year have been recovered.
Aggregate construction industry (both residential and non-residential) employment totaled 7.5 million in March. The economy lost 22.7 million jobs in March, April and December of 2020 due to the impact of the COVID-19 pandemic. In the past 11 months, 14.3 million jobs have been recovered, however, total nonfarm employment in March is still 6% lower than its February 2020 level a year ago.
In March, the unemployment rate for construction workers declined to 6.6% on a seasonally adjusted basis. After reaching 14.1% in April 2020 due to the impact of the COVID-19 pandemic, the unemployment rate for construction workers has been trending lower for the past 11 months.
NAHB economist Jing Fu provides more analysis in this Eye on Housing blog post.
Latest from NAHBNow
May 09, 2025
How CertainTeed One Precision Assemblies Accelerates Construction with Factory-Built PrecisionWith the demand for housing in today’s fast-paced construction environment, time is money — and quality is everything. That’s why more developers, general contractors, and home builders are turning to offsite construction solutions like CertainTeed One Precision Assemblies.
May 08, 2025
How an NAHB Student Chapter Alumnus Found His Residential Construction PassionLawrence Thompson III's eye for design and architecture led him to NAHB's Student Competition. Now the project manager is working a full-time job that fits his skills and passions.
Latest Economic News
May 09, 2025
Consumer Credit Slows in the First Quarter of 2025Consumer credit continued to rise in early 2025, but the pace of growth has slowed. Student loan balances rose year-over-year as borrowers resumed payments following the end of pandemic-era relief. However, growth remains modest.
May 08, 2025
Multifamily Developer Confidence Falls in the First QuarterMultifamily developers are starting the year in a cautious state, according to Q1 2025 results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices.
May 07, 2025
Fed Remains on Pause with Rising UncertaintyThe Federal Reserve remained on pause with respect to rate cuts at the conclusion of its May meeting, maintaining the federal funds rate in the 4.25% to 4.5% range. Characterizing current market conditions, the central bank noted that the “unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid.” However, the Fed noted that “inflation remains somewhat elevated.”