Construction employment hits 8-year high

U.S. construction employment grew by 11,000 in October, causing the industry to reach the highest level of employment in eight years, Construction Dive reported. 

Total employment in the construction industry reached 6,679,000 in October, surpassing the previous record reached in December 2008. Construction employment was up 3 percent in October of this year compared to October 2015. 

The nonresidential construction sector added 6,700 jobs, while the residential sector gained 4,500 positions, Construction Dive noted, citing figures from the Associated General Contractors of America. 

"Today's nonresidential employment data can be viewed as reasonably positive from a topline perspective," said ABC Chief Economist Anirban Basu, according to For Construction Pros. "Employment increased among nonresidential specialty trade contractors and also in the heavy and civil engineering segment.

Basu also stated that analysts believe there is a chance that the end of the election cycle will "usher forth a spirit of renewed confidence among private developers and public policymakers" leading into increased construction spending and job growth in 2017. 

Construction wages have grown as well, with average hourly earnings in the industry reaching $28.39 in October, which is nearly 10 percent higher than average earnings for all private sector industries, according to Construction Dive. 

U.S. construction employment grew by 11,000 in October, causing the industry to reach the highest level of employment in eight years.