The National Association of Home Builders (NAHB) has delved into the recent nonfarm payroll employment data to assess its implications for the construction sector and the housing market. The data, released by the Bureau of Labor Statistics, provides valuable insights into month-over-month and year-over-year trends in employment across various states.

In August, nonfarm payroll employment showed significant variation among states. The data indicated positive employment growth in 33 states and the District of Columbia, with California leading the way by adding 23,100 jobs. New York and North Carolina followed with gains of 18,100 and 17,500 jobs, respectively. However, 17 states saw job losses, with Missouri experiencing the most substantial decline of 13,700 jobs.

 

Examining the employment changes in percentage terms, Montana recorded a 0.7% increase, while Hawaii suffered a 0.8% decline between July and August.

On a year-over-year basis ending in August, the U.S. labor market demonstrated robust recovery, with a total addition of 3.1 million jobs. Nearly all states, except Mississippi and Rhode Island, reported job gains compared to the previous year. Nevada registered the highest increase at 3.9%, while Rhode Island witnessed a 1.4% decrease.

Turning the focus specifically to the construction sector, 31 out of 48 states that reported construction employment data experienced increases in August compared to July. California led the way by adding 4,700 construction jobs, while Tennessee experienced a loss of 2,400 jobs. Overall, the construction industry saw a net gain of 22,000 jobs in August.

Year-over-year, the construction sector saw a notable increase of 212,000 jobs, signifying a 2.7% growth compared to the previous year. Texas emerged as the leader in job gains with an addition of 21,100, while Missouri reported a loss of 2,700 construction jobs. Wyoming boasted the highest annual growth rate in the construction sector, standing at 13.0%, while North Dakota reported a 3.8% decline.

https://eyeonhousing.org/2023/09/employment-situation-in-august-state-level-analysis-3/