"Construction job growth primarily emerged from nonresidential construction segments--a reversal of the pattern associated with much of the past year." --ABC Chief Economist Anirban Basu.
The nation's construction industry saw a slight increase in the number of jobs last month as the unemployment rate fell to 11.4 percent, down from 11.9 percent in September and 13.7 percent from one year ago, according to the U.S. Labor Department. The industry added 17,000 jobs in October, resulting in five consecutive months of job increases.
The nonresidential building construction sector added 4,600 jobs for the month, but lost 100 jobs from October 2011. The residential building construction sector lost 2,000 jobs for the month and 6,800 jobs, or 1.2 percent, compared to the same time last year.
Nonresidential specialty trade contractors added 10,100 jobs in October and a net 1,000 jobs during the past twelve months. Residential specialty trade contractors gained 6,700 jobs for the month and 19,100 jobs, or 1.3 percent, from one year ago.
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