The new data comes as soaring interest rates and a continued shortage of skilled workers put a drag on the commercial construction sector. Despite the low unemployment numbers, layoffs could be on the horizon, according to Bernard Markstein, president and chief economist of Markstein Advisors, who conducted the analysis for ABC.
“Higher interest rates are having a negative effect on plans for new construction projects; nonetheless, construction employment continues to rise as builders work on their backlog of projects,” he said in the release. “Although employers want to hold on to their workers, slowing demand for new projects along with completion of older projects eventually is likely to force some contractors to reduce their workforce.”
