The residential construction industry has rebounded greatly since the beginning of the pandemic, but the same cannot be said for nonresidential construction. Commercial construction jobs account for 60% of all industry jobs while residential accounts for 40%. Many commercial and retail businesses have continued to struggle as Americans stay indoors. Ordering online has continued on though, so there is a glimmer of hope in the need for distribution centers, says The New York Times. But from June to August, residential construction employment increased by 2.1% while nonresidential employment decreased by 0.4%.
Construction employment was 7.2 million in August, the latest month for which figures from the Bureau of Labor Statistics are available. That was a decline of 425,000 from February.
The National Association of Realtors reported Wednesday that its index of pending home sales rose 8.8 percent in August, reaching a record high, as rock-bottom mortgage rates and a desire to escape crowded cities for suburban and exurban areas fed demand.
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