Job Gains Accelerate in July
Total payroll employment rose by 943,000, and the unemployment rate dropped sharply to 5.4% in July. Both residential and nonresidential construction showed modest job gains of 8,300 and 2,900, respectively, climbing to a total employment of 7.4 million.
NAHB Chief Economist Robert Dietz discusses the jobs report on Twitter:
Currently, residential construction employment exceeds its level in February 2020 and now stands at 3 million, comprising 883,000 builders and 2.2 million residential specialty trade contractors. However, only 56% of nonresidential construction jobs lost in March and April have been recovered.
In July, the unemployment rate for construction declined to 7.3% on a seasonally adjusted basis. The unemployment rate for construction workers has been trending lower, after reaching 14.1% in April 2020 as a result of the COVID-19 pandemic.
The nation’s overall unemployment rate declined by 0.5% to 5.4% in July — down 9.4% from the April 2020 rate (14.8%), and 1.9% higher than the unemployment rate in February 2020.
Jing Fu, NAHB director of forecasting and analysis, provides more details — including a breakdown of employment by industry — in this Eye on Housing blog post.
Latest from NAHBNow
Jul 03, 2025
Consumer Confidence Retreats in JuneAfter a strong rebound in May, consumer confidence resumed its downward trend in June. Consumers remain concerned about the economy and labor market amid ongoing uncertainty, especially around tariffs.
Jul 02, 2025
5 Proven Strategies Smart Builders Use to Grow in Any MarketSound Capital has worked with builders across market cycles for over 20 years. They have seen who thrived when others pulled back, and they've studied the strategies they used to scale while competitors were sidelined. Here are five things they all had in common.
Latest Economic News
Jul 03, 2025
Solid Job Growth in JuneThe U.S. labor market continued to show resilience in June, with steady job gains led by state/local government and health care sectors.
Jul 02, 2025
Two or More Story Home Starts Rebound in 2024Over half of new single-family homes built in 2024 were two or more stories, according the recent release of the Census Bureau’s Survey of Construction (SOC). After declining in 2023, the share of homes started with two or more stories increased again in 2024, continuing the upward trend in place since 2020.
Jul 01, 2025
May Private Residential Construction Spending DipsPrivate residential construction spending fell by 0.5% in May, marking the fifth straight month of decreases. This drop was primarily driven by reduced spending on single-family construction. Compared to a year ago, total spending was down 6.7%, as the housing sector continues to navigate the economic uncertainty stemming from ongoing tariff concerns and elevated mortgage rates.