Fewer Construction Jobs Created Than Estimated
The labor market may not be as strong as previously estimated, according to the Bureau of Labor Statistics’ preliminary estimate of the upcoming annual benchmark revision to the establishment survey employment series.
Each year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to full population counts of employment for the month of March. It improves the accuracy of the CES all-employee series and provides an early look at adjustments to employment data.
According to the preliminary estimate of the benchmark revision, total payroll employment from April 2023 to March 2024 was lowered by 818,000 — about 0.5% less than previously estimated. If the final benchmark revision does not differ significantly from the preliminary one, this would be the largest downward revision since March 2009. (The 2009 revision was a reduction of 902,000 estimated jobs.)
Additionally, while the CES data show that 2.9 million jobs were added from April 2023 to March 2024, the preliminary estimate of the benchmark revision suggests that job growth was overstated by about 40%. On a monthly basis, there were about 68,000 fewer jobs on average in the 12-month period through March 2024.
Construction employment specifically was revised down by 45,000 — 0.6% less than the initially reported 8.2 million jobs in place. The average monthly job gains for the construction sector were revised down by 17% to 18,000 jobs in the 12-month period through March 2024.
Jing Fu, NAHB director of forecasting and analysis, provides details on additional job sectors and historical data in this Eye on Housing post.
Latest from NAHBNow
Membership
Oct 29, 2026
NAHB Names Alison Benson as its New Chief Financial Officer and Treasurer
NAHB has promoted Alison Benson, CPA, to chief financial officer and treasurer. Benson brings more than two decades of accounting, financial planning and nonprofit financial management experience to the role. She joined NAHB in February 2026 as vice president, controller, and also served as interim treasurer.
Education
Oct 28, 2026
How Project Managers Can Effectively Set Expectations to Find Success
Hone your management skills in an upcoming Nov. 12 live online course titled “Project Controls Fundamentals: Monitoring Scope, Cost and Time” from 1-4 p.m. ET.
Latest Economic News
Economics
Oct 29, 2026
PCE Inflation Accelerated in September
The Federal Reserve’s preferred inflation gauge accelerated in September after holding at 3.0% for three consecutive months, complicating the Fed’s path to its 2% target. Consumer spending continued to be pushed up by elevated energy prices rather than income growth, driving the personal saving rate to the lowest level in nearly four years.
Economics
Oct 29, 2026
U.S. Economy Accelerated in the Third Quarter of 2026
The U.S. economy grew at a faster pace in the third quarter of 2026, supported by stronger consumer spending, robust business investment, and increased government spending. However, residential investment remained a weak spot, highlighting the continued challenges facing the housing sector amid elevated borrowing costs.
Economics
Oct 28, 2026
Homeownership Rate Rises to 65.5%
The latest homeownership rate reached 65.5% in the third quarter of 2026, according to the Census’s Housing Vacancy Survey (HVS). While this was a modest quarterly decrease, the broader picture continues to reflect significant affordability challenges.