Construction employment increased from February to March in 35
states, fell in eight plus DC, and was unchanged (or within 100 of prior
levels) in seven. Compared to a year ago, construction employment climbed in 35
states, fell in 14, and was unchanged in DC and Vermont. The largest
year-over-year percentage gains in construction employment were in Utah, 15%;
Wyoming, 11%; Missisippi, North Dakota and Tennessee, 7% each. The largest
percentage declines were in Michigan, -5%, followed by New Hampshire, -4%, and
six states that shrank 2%, including formerly fast-growing Nevada. The steep
drop in homebuilding probably explains the declines in Nevada, Florida (-0.5%)
and several other states. On April 6, BLS reported that residential building
and specialty trades employment fell 3.6% nationally year-over-year, while
nonresidential jobs rose 3.4%.
Seasonally adjusted housing starts
edged up 0.8% in March from a downwardly revised February estimate, the Census
Bureau reported. Year-over-year, starts were down 23%. Single-unit starts were
up 2% from February but down 25% year-over-year. Multi-unit starts were down
3.9% and 16%. Building permits, normally a reliable indicator of
near-term starts, also rose 0.8% for the month but fell 26% compared to March
2006, with single-unit permits up 0.7% and down 28% while multi-unit permits
were down 0.7% and 19%. The 1,218,000 single-family starts was far below the
1,329,000 completions, implying further job cuts ahead in homebuilding. Multi-unit
starts (300,000) nearly matched completions (303,000).