Nonfarm payroll employment increased in 38 states and the District of Columbia in June compared to the previous month, while 12 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 209,000 in June, following a gain of 306,000 jobs in May.
On a month-over-month basis, employment data was strong in Texas, which added 31,100 jobs, followed by New York (+28,100), and Washington (+11,900). Twelve states lost a total of 46,900 jobs. In percentage terms, employment in Alaska increased by 0.9% while Vermont reported a 1.4% decline between May and June.
Year-over-year ending in June, 3.8 million jobs have been added, marking a more than full recovery of the labor market from the COVID-19 pandemic induced recession. Except for Vermont and Rhode Island, all the other states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 542,500 jobs in Texas to 6,500 jobs added in West Virginia. Vermont lost 500 jobs and Rhode Island lost 1,900 jobs on a year-over-year basis. In percentage terms, Texas reported the highest increase by 4.0%, while Rhode Island decreased by 0.4% compared to a year ago.
Across the 48 states which reported construction sector jobs data—which includes both residential as well as non-residential construction— 33 states reported an increase in June compared to May, while 14 states lost construction sector jobs. Massachusetts reported no change on a month-over-month basis. Texas added 11,000 construction jobs, while Virginia lost 3,200 jobs. Overall, the construction industry added a net 23,000 jobs in June compared to the previous month. In percentage terms, South Dakota increased by 4.3% while Iowa reported a decline of 2.0% between May and June.
Year-over-year, construction sector jobs in the U.S. increased by 198,000, which is a 2.6% increase compared to the June 2022 level. Texas added 30,500 jobs, which was the largest gain of any state, while Missouri lost 1,800 construction sector jobs. In percentage terms, Arkansas had the highest annual growth rate in the construction sector by 11.8%. Over this period, Vermont reported a decline of 1.9%.
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The positive state-level employment situation in June bodes well for the construction loan sector. As job opportunities increase regionally, potential homebuyers may gain more confidence, leading to heightened demand for construction loans to build new homes and address the housing needs arising from improved employment conditions. In need of any construction financing, check us at builderloans.net