Warren Buffett famously declared that the slumping US economy would have trouble rebounding until housing stabilized and we started seeing new construction jobs. Well, there’s been plenty of good news on the housing front, and now we’re seeing good news on construction jobs in the latest jobs report.
After five years of hemorrhaging jobs, the construction industry has become one of the bright spots of the labor market — a hopeful sign that one of the most damaged sectors of the economy may finally be starting to heal.
Overall, the government’s monthly jobs report, released Friday, showed continued modest growth in December. The economy added 155,000 jobs, on par with the monthly average for both 2012 and 2011. The unemployment rate remained at 7.8 percent.
But a closer look reveals that nearly one-fifth of the jobs created were in construction, marking only the third time since the recession ended in June 2009 that the industry has added 30,000 workers or more. The surge capped one of the largest three-month gains the sector has seen since the recession began in December 2007.
The return of construction jobs is an especially critical component of the economic recovery. That’s partly because of the sheer number of jobs lost — more than 2 million since 2007 — but also because of fears that many of those workers’ skills may not translate to other industries, rendering them permanently unemployable.
This should help to turbocharge the overall job market. If you’ve given up looking for work, not is the time to get back at it.
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