The AEC Industry Job Market Update
The United States. Department of Labor- Bureau of Labor Statistics publishes a Monthly Jobs Report after the beginning of each month. Each report describes the previous month’s employment statistics, based on data including the number of jobs that were added to the economy and the unemployment rate.
Per the February Jobs Report, the US economy saw an increase of 313,000 jobs this past month and the unemployment rate remained at 4.1% for the 5th consecutive month.
Overall, February’s report was viewed in a positive light.
- Job creation greatly surpassed expectations
- Job growth has been consistently strong in recent months
- The labor force participation rate is back up to 63%
- Average hourly earnings rose 2.6% year-over-year
The Architecture, Engineering & Construction (AEC) Industry
The Bureau of Labor Statistics showed an increase of 61,000 jobs within the construction industry. The construction industry had the strongest month of job growth since 2007, which was responsible for 1/5 of the new job creation.
According to Architect Magazine, the Architecture, Engineering and Construction (AEC) industry as a whole is trending upward.
- Architectural and engineering services added 5,600 jobs
- Nonresidential building construction jobs increased by 8,900
- Heavy and civil engineering construction increased by 7,500 jobs
