Currently Reading

As Residential Construction Booms, Nonresidential Suffers

Advertisement
Construction

As Residential Construction Booms, Nonresidential Suffers


October 2, 2020
Commercial construction workers at jobsite
By kokliang1981

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.

Read More

Related Stories

Market Data + Trends

Fewer First-Time Buyers Purchased Homes in September

The share of first-time homebuyers has continued to decline since April. In September, the share dropped to 31% from April’s 36%, according to the…

Housing Markets

Exploring the Future of Urban and Suburban Housing

As more Americans change their views on housing and their own homes, the future of urban and suburban housing remains shrouded in mystery. The…

Coronavirus Resources and Information

Will Expiring Eviction Moratoriums Spur a Housing Crisis?

While federal and local eviction moratoriums are protecting many from eviction, there remains a large number of renters who have been unable to…

Advertisement

More in Category




Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.