Nonfarm payroll employment increased in 40 states and the District of Columbia in September compared to the previous month, while nine states lost jobs. Wyoming reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 336,000 in September, following a gain of 227,000 jobs in August.
On a month-over-month basis, employment data was strong in Texas, which added 61,400 jobs, followed by New York (+21,700), and Florida (+19,600). Nine states lost a total of 21,700 jobs with Michigan reporting the steepest job losses at 10,000. In percentage terms, employment in South Dakota increased by 0.9% while Montana reported a 0.3% decline between August and September.
Year-over-year ending in September, 3.2 million jobs have been added to the labor market. Except for Rhode Island, all the other states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 435,800 jobs in Texas to 2,600 jobs added in Vermont. Rhode Island lost 3,500 jobs on a year-over-year basis. In percentage terms, Nevada reported the highest increase by 3.4%, while Rhode Island decreased by 0.7% 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— 27 states reported an increase in September compared to August, while 20 states lost construction sector jobs. New Hampshire reported no change on a month-over-month basis. Oregon added 3,200 construction jobs, while Virginia lost 3,800 jobs. Overall, the construction industry added a net 11,000 jobs in September compared to the previous month. In percentage terms, Rhode Island increased by 2.8% while Alaska reported a decline of 3.5% between August and September.
Year-over-year, construction sector jobs in the U.S. increased by 217,000, which is a 2.8% increase compared to the September 2022 level. Texas added 19,900 jobs, which was the largest gain of any state, while Missouri lost 6,500 construction sector jobs. In percentage terms, Wyoming had the highest annual growth rate in the construction sector by 11.1%. Over this period, North Dakota reported a decline of 5.4%.
Discover more from Eye On Housing
Subscribe to get the latest posts sent to your email.
As job markets recover, increased employment bodes well for housing demand. Construction loans could see heightened relevance as developers respond to the growing workforce, creating opportunities for strategic financing in regions experiencing job market rebounds.