Markets & Economy

Construction job growth hits 7-year high

Even so, growth in home construction towers over jobs increase

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While today's job's report was disappointing on nearly all fronts, there was one bright spot that shone through the dismal numbers: sustained construction-job growth. "The solid increase in construction employment in March, which brought the average monthly gain during the first quarter to 30,000 jobs, the biggest in seven years, supports the view that the housing recovery will continue to march on despite headwinds from fiscal drags," said Fannie Mae Chief Economist Doug Duncan in a statement. Indeed, the economy continues to add construction jobs at a fast clip. At 3.8 percent year over year in March, the growth rate of residential-construction jobs towers over the overall jobs growth rate of 1.4 percent. In the last two years construction has added 317,000 jobs to the economy, with over half of that increase occurring in the last six months, the White House said in a statement on the jobs report. Even still, the rate of construction job growth lags far behind growth in actu...