Employment Analysis

Employment statistics are published by the U.S. Department of Labor Bureau of Labor and Statistics (BLS) through its Job Openings and Labor Turnover Survey (JOLTS). Nationally, construction is one of the major sources of investment-related employment. The BLS data BLS includes the total number of hires and separations for different industries. Hires include all additions to the payroll during the month such as newly hired and rehired employees, permanent, short-term, and seasonal employees, part-time employees, and transfers from other locations. It excludes transfers or promotions within the sampled establishment or subcontractors. Separations are employees separated from the payroll during the calendar month and include layoffs, quits, terminations of seasonal employees, retirements, transfers or deaths.

In order to have a more comprehensive view of the employment in the industry, the ratio of employment (hires) to separations can be calculated for the construction industry. For example, during 2009, the rate of hires did not change substantially in the construction industry while separations decreased considerably, resulting in improvement in overall employment. The ratio for the construction industry can be compared to the national average of the same ratio. The results of the comparison indicate a net employment trend for the industry compared to the net national trend. For example, the construction industry not only improved during 2014 in terms of employment, it also outpaced the improving national employment trends.