Research
The housing slump is already on the payroll — just not the whole construction payroll
Starts fell. The housing payroll had already turned.
On August 18, the Census Bureau reported that July housing starts sank to a 1.239 million annual rate, 12.4 percent below June and well short of the 1.350 million economists had expected. Completions fell too. Permits, the one bright spot, rose 5 percent. The same morning, 30-year Treasury yields were at 5.327 percent, their highest since 2007. That pairing invites a simple question: if builders are breaking less ground and long-term money is this expensive, is the housing workforce already shrinking, or is the pain still just on the starts print?
The official job count, from the Bureau of Labor Statistics Current Employment Statistics, is more specific than the word construction usually gets credit for. Residential building construction employed 914,600 people in July 2026, seasonally adjusted. That is 13,500 fewer than in July 2025, a 1.5 percent decline, and 22,700 below January 2025. The series peaked at 939,500 in September 2024. By July it was 24,900 jobs short of that high. Month to month, July subtracted another 500 jobs. Housing payrolls did not crash with the starts number. They had already rolled over.
That is not the same as saying construction, as a whole, is in retreat. Add construction of buildings, heavy and civil engineering, and specialty trade contractors — the three pieces that make up the construction supersector — and the total was 8.343 million jobs in July, 82,200 above a year earlier and 78,600 above January 2025. The industry is still hiring. It is hiring in the wrong places, if the question is houses.
Residential building payrolls have stalled; nonresidential has kept climbing
View exact chart values
| month | residential_building | nonresidential_building | construction_of_buildings | heavy_civil | specialty_trades | residential_specialty | nonresidential_specialty | wood_products | total_construction | residential_combined | nonresidential_combined |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015-01 | 680.1 | 718.9 | 1399 | 930.4 | 3990.8 | 1721.7 | 2269.1 | 377.8 | 6320.2 | 2401.8 | 2988 |
| 2015-02 | 680.4 | 726 | 1406.4 | 934.8 | 4019.6 | 1734.6 | 2285 | 377.3 | 6360.8 | 2415 | 3011 |
| 2015-03 | 682.1 | 724.5 | 1406.6 | 920.8 | 4006.4 | 1724.5 | 2281.9 | 377.7 | 6333.8 | 2406.6 | 3006.4 |
| 2015-04 | 684.7 | 719.8 | 1404.5 | 932.8 | 4054.3 | 1752.9 | 2301.4 | 377.8 | 6391.6 | 2437.6 | 3021.2 |
| 2015-05 | 690 | 725.5 | 1415.5 | 932 | 4079.9 | 1765.1 | 2314.8 | 378.8 | 6427.4 | 2455.1 | 3040.3 |
| 2015-06 | 688.5 | 730.2 | 1418.7 | 933.4 | 4088.8 | 1769.8 | 2319 | 379.4 | 6440.9 | 2458.3 | 3049.2 |
| 2015-07 | 697.7 | 729.6 | 1427.3 | 935.8 | 4108.7 | 1780.4 | 2328.3 | 381.1 | 6471.8 | 2478.1 | 3057.9 |
| 2015-08 | 698.2 | 730.8 | 1429 | 938.8 | 4122.2 | 1782.8 | 2339.4 | 383.4 | 6490 | 2481 | 3070.2 |
| 2015-09 | 699.8 | 733.3 | 1433.1 | 937.3 | 4137.2 | 1789.5 | 2347.7 | 386.6 | 6507.6 | 2489.3 | 3081 |
| 2015-10 | 702.6 | 736.9 | 1439.5 | 941.8 | 4165.6 | 1796.6 | 2369 | 388 | 6546.9 | 2499.2 | 3105.9 |
| 2015-11 | 708.9 | 743.5 | 1452.4 | 947.6 | 4198.1 | 1815 | 2383.1 | 390.1 | 6598.1 | 2523.9 | 3126.6 |
| 2015-12 | 712.9 | 746.2 | 1459.1 | 954.1 | 4216.8 | 1824.6 | 2392.2 | 391.5 | 6630 | 2537.5 | 3138.4 |
| 2016-01 | 714.2 | 750.5 | 1464.7 | 948.9 | 4217.2 | 1826.9 | 2390.3 | 390.3 | 6630.8 | 2541.1 | 3140.8 |
| 2016-02 | 717 | 756.3 | 1473.3 | 948.4 | 4218.3 | 1836.9 | 2381.4 | 390.1 | 6640 | 2553.9 | 3137.7 |
| 2016-03 | 720.5 | 761.5 | 1482 | 954.9 | 4241.5 | 1844.8 | 2396.7 | 390.1 | 6678.4 | 2565.3 | 3158.2 |
| 2016-04 | 726.2 | 763.3 | 1489.5 | 956.8 | 4255.5 | 1852.2 | 2403.3 | 390.5 | 6701.8 | 2578.4 | 3166.6 |
| 2016-05 | 726.8 | 760.4 | 1487.2 | 946.9 | 4254.5 | 1848 | 2406.5 | 391.5 | 6688.6 | 2574.8 | 3166.9 |
| 2016-06 | 727.4 | 761.7 | 1489.1 | 946.3 | 4266 | 1854.4 | 2411.6 | 393.2 | 6701.4 | 2581.8 | 3173.3 |
| 2016-07 | 728.1 | 769.4 | 1497.5 | 949.9 | 4287.4 | 1862.8 | 2424.6 | 393.3 | 6734.8 | 2590.9 | 3194 |
| 2016-08 | 734.3 | 761.4 | 1495.7 | 941.4 | 4299.3 | 1871.6 | 2427.7 | 393 | 6736.4 | 2605.9 | 3189.1 |
| 2016-09 | 744.9 | 757.4 | 1502.3 | 950.5 | 4315.3 | 1882.6 | 2432.7 | 393.3 | 6768.1 | 2627.5 | 3190.1 |
| 2016-10 | 743.8 | 766.2 | 1510 | 963.1 | 4325.5 | 1888.8 | 2436.7 | 393.9 | 6798.6 | 2632.6 | 3202.9 |
| 2016-11 | 744 | 767.2 | 1511.2 | 965.2 | 4346.5 | 1902.5 | 2444 | 395 | 6822.9 | 2646.5 | 3211.2 |
| 2016-12 | 741.9 | 771.8 | 1513.7 | 953.3 | 4351.2 | 1909 | 2442.2 | 396.9 | 6818.2 | 2650.9 | 3214 |
| 2017-01 | 744.3 | 776.5 | 1520.8 | 958.6 | 4361 | 1912 | 2449 | 399.4 | 6840.4 | 2656.3 | 3225.5 |
| 2017-02 | 747.6 | 778 | 1525.6 | 974.8 | 4380.8 | 1920.4 | 2460.4 | 397 | 6881.2 | 2668 | 3238.4 |
| 2017-03 | 746.5 | 781.5 | 1528 | 984.1 | 4389.7 | 1921.4 | 2468.3 | 396.7 | 6901.8 | 2667.9 | 3249.8 |
| 2017-04 | 745.1 | 784.8 | 1529.9 | 991.3 | 4394.4 | 1928.7 | 2465.7 | 397.3 | 6915.6 | 2673.8 | 3250.5 |
| 2017-05 | 747.2 | 791.1 | 1538.3 | 1000 | 4392.4 | 1933.8 | 2458.6 | 396.8 | 6930.7 | 2681 | 3249.7 |
| 2017-06 | 747.5 | 792.6 | 1540.1 | 1005 | 4416.9 | 1942.5 | 2474.4 | 396.4 | 6962 | 2690 | 3267 |
| 2017-07 | 753.2 | 789.5 | 1542.7 | 1006.3 | 4418.7 | 1944.3 | 2474.4 | 397.1 | 6967.7 | 2697.5 | 3263.9 |
| 2017-08 | 752.7 | 796.3 | 1549 | 1012.8 | 4440.3 | 1957 | 2483.3 | 397.8 | 7002.1 | 2709.7 | 3279.6 |
| 2017-09 | 752.2 | 799.8 | 1552 | 1010 | 4450.7 | 1958.5 | 2492.2 | 396.3 | 7012.7 | 2710.7 | 3292 |
| 2017-10 | 759.7 | 799.7 | 1559.4 | 1006.2 | 4465 | 1963.4 | 2501.6 | 397.9 | 7030.6 | 2723.1 | 3301.3 |
| 2017-11 | 763.3 | 804.2 | 1567.5 | 1004.7 | 4495.6 | 1974.9 | 2520.7 | 396.5 | 7067.8 | 2738.2 | 3324.9 |
| 2017-12 | 772.5 | 803.3 | 1575.8 | 1005.8 | 4509.4 | 1984.1 | 2525.3 | 398.3 | 7091 | 2756.6 | 3328.6 |
| 2018-01 | 776.7 | 801.5 | 1578.2 | 1002.8 | 4512 | 1980.8 | 2531.2 | 400 | 7093 | 2757.5 | 3332.7 |
| 2018-02 | 785.2 | 812.2 | 1597.4 | 1025.5 | 4561.5 | 2000.5 | 2561 | 402.8 | 7184.4 | 2785.7 | 3373.2 |
| 2018-03 | 787.9 | 817.1 | 1605 | 1032 | 4556.8 | 2004.7 | 2552.1 | 405.4 | 7193.8 | 2792.6 | 3369.2 |
| 2018-04 | 792.9 | 822.1 | 1615 | 1024.3 | 4573 | 2014.3 | 2558.7 | 404.6 | 7212.3 | 2807.2 | 3380.8 |
| 2018-05 | 798.1 | 824.3 | 1622.4 | 1049.1 | 4602.8 | 2027.5 | 2575.3 | 406.7 | 7274.3 | 2825.6 | 3399.6 |
| 2018-06 | 802.2 | 826.9 | 1629.1 | 1058.5 | 4604.5 | 2028.7 | 2575.8 | 407.6 | 7292.1 | 2830.9 | 3402.7 |
| 2018-07 | 803 | 831.6 | 1634.6 | 1065.7 | 4617.3 | 2032.8 | 2584.5 | 407.3 | 7317.6 | 2835.8 | 3416.1 |
| 2018-08 | 802.1 | 834.9 | 1637 | 1071.7 | 4637.9 | 2042.8 | 2595.1 | 407.7 | 7346.6 | 2844.9 | 3430 |
| 2018-09 | 803.8 | 838.9 | 1642.7 | 1074.5 | 4657.6 | 2051.4 | 2606.2 | 408.6 | 7374.8 | 2855.2 | 3445.1 |
| 2018-10 | 803.4 | 838.9 | 1642.3 | 1073.8 | 4672.6 | 2061 | 2611.6 | 408.2 | 7388.7 | 2864.4 | 3450.5 |
| 2018-11 | 808.8 | 838.1 | 1646.9 | 1071.8 | 4667.7 | 2060.4 | 2607.3 | 408.3 | 7386.4 | 2869.2 | 3445.4 |
| 2018-12 | 812.7 | 837.2 | 1649.9 | 1068.9 | 4677 | 2058.4 | 2618.6 | 404.9 | 7395.8 | 2871.1 | 3455.8 |
| 2019-01 | 815.3 | 836.3 | 1651.6 | 1070.6 | 4703.1 | 2071 | 2632.1 | 406.4 | 7425.3 | 2886.3 | 3468.4 |
| 2019-02 | 812.9 | 836.2 | 1649.1 | 1061.8 | 4683.9 | 2056.9 | 2627 | 407.2 | 7394.8 | 2869.8 | 3463.2 |
| 2019-03 | 816.5 | 837.4 | 1653.9 | 1067.1 | 4704.2 | 2072 | 2632.2 | 406.4 | 7425.2 | 2888.5 | 3469.6 |
| 2019-04 | 811.9 | 837.4 | 1649.3 | 1078.6 | 4739.7 | 2081.3 | 2658.4 | 408.3 | 7467.6 | 2893.2 | 3495.8 |
| 2019-05 | 813.2 | 837.9 | 1651.1 | 1078.5 | 4748.8 | 2084 | 2664.8 | 407.4 | 7478.4 | 2897.2 | 3502.7 |
| 2019-06 | 817.1 | 839.4 | 1656.5 | 1082.4 | 4762.6 | 2086.7 | 2675.9 | 408.3 | 7501.5 | 2903.8 | 3515.3 |
| 2019-07 | 818.9 | 843.5 | 1662.4 | 1082 | 4781.5 | 2103.2 | 2678.3 | 409.4 | 7525.9 | 2922.1 | 3521.8 |
| 2019-08 | 826.4 | 843.6 | 1670 | 1088.5 | 4771.7 | 2094.4 | 2677.3 | 409.6 | 7530.2 | 2920.8 | 3520.9 |
| 2019-09 | 827.1 | 843 | 1670.1 | 1096 | 4780.4 | 2101.7 | 2678.7 | 411.3 | 7546.5 | 2928.8 | 3521.7 |
| 2019-10 | 828.6 | 844.4 | 1673 | 1096.7 | 4783.4 | 2105.1 | 2678.3 | 411.3 | 7553.1 | 2933.7 | 3522.7 |
| 2019-11 | 830.4 | 841.7 | 1672.1 | 1095.4 | 4773.5 | 2101.7 | 2671.8 | 411.1 | 7541 | 2932.1 | 3513.5 |
| 2019-12 | 827 | 846.9 | 1673.9 | 1091.6 | 4761.8 | 2097.5 | 2664.3 | 410.3 | 7527.3 | 2924.5 | 3511.2 |
| 2020-01 | 827.6 | 850.2 | 1677.8 | 1102.6 | 4794.6 | 2120.6 | 2674 | 409.9 | 7575 | 2948.2 | 3524.2 |
| 2020-02 | 835.5 | 851.4 | 1686.9 | 1103.7 | 4819.4 | 2135.2 | 2684.2 | 409.1 | 7610 | 2970.7 | 3535.6 |
| 2020-03 | 831.9 | 843.3 | 1675.2 | 1091 | 4774.9 | 2110 | 2664.9 | 407.1 | 7541.1 | 2941.9 | 3508.2 |
| 2020-04 | 708.4 | 744.2 | 1452.6 | 994.3 | 4075.4 | 1799.4 | 2276 | 375 | 6522.3 | 2507.8 | 3020.2 |
| 2020-05 | 772.1 | 778.2 | 1550.3 | 1032.1 | 4421.1 | 1979.5 | 2441.6 | 384.1 | 7003.5 | 2751.6 | 3219.8 |
| 2020-06 | 794.3 | 783.4 | 1577.7 | 1028.7 | 4552.7 | 2036.4 | 2516.3 | 389.2 | 7159.1 | 2830.7 | 3299.7 |
| 2020-07 | 803.7 | 782.5 | 1586.2 | 1029.9 | 4579.4 | 2059.3 | 2520.1 | 389.4 | 7195.5 | 2863 | 3302.6 |
| 2020-08 | 811.4 | 785.8 | 1597.2 | 1027.7 | 4601 | 2084.5 | 2516.5 | 391.2 | 7225.9 | 2895.9 | 3302.3 |
| 2020-09 | 820.3 | 785.9 | 1606.2 | 1024.9 | 4621.5 | 2103.6 | 2517.9 | 394.4 | 7252.6 | 2923.9 | 3303.8 |
| 2020-10 | 827.3 | 792.4 | 1619.7 | 1027.6 | 4653.8 | 2127.8 | 2526 | 398.1 | 7301.1 | 2955.1 | 3318.4 |
| 2020-11 | 828.7 | 789.6 | 1618.3 | 1034.8 | 4668 | 2140.6 | 2527.4 | 400.6 | 7321.1 | 2969.3 | 3317 |
| 2020-12 | 836.2 | 786.8 | 1623 | 1040.4 | 4693.4 | 2157.7 | 2535.7 | 404.3 | 7356.8 | 2993.9 | 3322.5 |
| 2021-01 | 841.8 | 785.9 | 1627.7 | 1037.6 | 4696.6 | 2166.2 | 2530.4 | 404.9 | 7361.9 | 3008 | 3316.3 |
| 2021-02 | 844 | 778.4 | 1622.4 | 1015.4 | 4639.8 | 2139.4 | 2500.4 | 404.3 | 7277.6 | 2983.4 | 3278.8 |
| 2021-03 | 856 | 786.3 | 1642.3 | 1040.2 | 4716.1 | 2177.7 | 2538.4 | 406.6 | 7398.6 | 3033.7 | 3324.7 |
| 2021-04 | 853.1 | 788.8 | 1641.9 | 1041 | 4717.1 | 2181.1 | 2536 | 406.3 | 7400 | 3034.2 | 3324.8 |
| 2021-05 | 854.8 | 791.6 | 1646.4 | 1038.7 | 4705.5 | 2181.2 | 2524.3 | 401.4 | 7390.6 | 3036 | 3315.9 |
| 2021-06 | 859.3 | 790.8 | 1650.1 | 1036 | 4706.9 | 2187.2 | 2519.7 | 405.7 | 7393 | 3046.5 | 3310.5 |
| 2021-07 | 868.3 | 796.4 | 1664.7 | 1032.4 | 4728 | 2198.3 | 2529.7 | 409.7 | 7425.1 | 3066.6 | 3326.1 |
| 2021-08 | 875.9 | 790.7 | 1666.6 | 1029.4 | 4735.9 | 2201.7 | 2534.2 | 411.9 | 7431.9 | 3077.6 | 3324.9 |
| 2021-09 | 882.5 | 802.4 | 1684.9 | 1038.1 | 4760.6 | 2213.3 | 2547.3 | 414.3 | 7483.6 | 3095.8 | 3349.7 |
| 2021-10 | 883.3 | 801.3 | 1684.6 | 1047.4 | 4786.3 | 2225.1 | 2561.2 | 416.2 | 7518.3 | 3108.4 | 3362.5 |
| 2021-11 | 890.3 | 807.5 | 1697.8 | 1052.2 | 4811.6 | 2236.6 | 2575 | 418.7 | 7561.6 | 3126.9 | 3382.5 |
| 2021-12 | 895.5 | 809.6 | 1705.1 | 1060.7 | 4829.6 | 2242.5 | 2587.1 | 419.2 | 7595.4 | 3138 | 3396.7 |
| 2022-01 | 901.4 | 812.7 | 1714.1 | 1053 | 4828 | 2252.2 | 2575.8 | 423.1 | 7595.1 | 3153.6 | 3388.5 |
| 2022-02 | 907.7 | 817.4 | 1725.1 | 1058.1 | 4868.1 | 2268.4 | 2599.7 | 425.8 | 7651.3 | 3176.1 | 3417.1 |
| 2022-03 | 910.9 | 826.2 | 1737.1 | 1062.8 | 4892.5 | 2294.3 | 2598.2 | 428.3 | 7692.4 | 3205.2 | 3424.4 |
| 2022-04 | 916.3 | 829.4 | 1745.7 | 1064.8 | 4887 | 2289.8 | 2597.2 | 431.2 | 7697.5 | 3206.1 | 3426.6 |
| 2022-05 | 923.7 | 830.6 | 1754.3 | 1069.8 | 4913.7 | 2306.9 | 2606.8 | 429.3 | 7737.8 | 3230.6 | 3437.4 |
| 2022-06 | 921.8 | 831.1 | 1752.9 | 1074.1 | 4933.8 | 2302.2 | 2631.6 | 428.5 | 7760.8 | 3224 | 3462.7 |
| 2022-07 | 926.4 | 831.8 | 1758.2 | 1077.4 | 4956.4 | 2308.8 | 2647.6 | 428.8 | 7792 | 3235.2 | 3479.4 |
| 2022-08 | 926.1 | 833.6 | 1759.7 | 1075.4 | 4965.9 | 2316 | 2649.9 | 427.4 | 7801 | 3242.1 | 3483.5 |
| 2022-09 | 925.1 | 840.1 | 1765.2 | 1077.3 | 4989 | 2325.1 | 2663.9 | 428.1 | 7831.5 | 3250.2 | 3504 |
| 2022-10 | 927.4 | 844.1 | 1771.5 | 1077.3 | 4998.6 | 2331.4 | 2667.2 | 426.2 | 7847.4 | 3258.8 | 3511.3 |
| 2022-11 | 927.8 | 852.2 | 1780 | 1081.1 | 5001.9 | 2334.3 | 2667.6 | 425.9 | 7863 | 3262.1 | 3519.8 |
| 2022-12 | 930.4 | 857.6 | 1788 | 1085.2 | 5012.1 | 2337.9 | 2674.2 | 426.3 | 7885.3 | 3268.3 | 3531.8 |
| 2023-01 | 931.3 | 870.8 | 1802.1 | 1093.1 | 5036.4 | 2345.5 | 2690.9 | 425.3 | 7931.6 | 3276.8 | 3561.7 |
| 2023-02 | 927.6 | 872.6 | 1800.2 | 1100.9 | 5041.5 | 2351.1 | 2690.4 | 422.1 | 7942.6 | 3278.7 | 3563 |
| 2023-03 | 924.5 | 871.2 | 1795.7 | 1102.8 | 5027.7 | 2339.3 | 2688.4 | 420.8 | 7926.2 | 3263.8 | 3559.6 |
| 2023-04 | 920.7 | 870.8 | 1791.5 | 1105.2 | 5058.4 | 2357.8 | 2700.6 | 418.8 | 7955.1 | 3278.5 | 3571.4 |
| 2023-05 | 921.3 | 872.5 | 1793.8 | 1102.5 | 5069.1 | 2361.4 | 2707.7 | 418 | 7965.4 | 3282.7 | 3580.2 |
| 2023-06 | 928.1 | 876.3 | 1804.4 | 1115.3 | 5086.3 | 2373.6 | 2712.7 | 416.7 | 8006 | 3301.7 | 3589 |
| 2023-07 | 918.6 | 880.4 | 1799 | 1122.5 | 5094.4 | 2380.2 | 2714.2 | 414.8 | 8015.9 | 3298.8 | 3594.6 |
| 2023-08 | 921.2 | 884.2 | 1805.4 | 1129 | 5107.1 | 2377.7 | 2729.4 | 418.1 | 8041.5 | 3298.9 | 3613.6 |
| 2023-09 | 926.4 | 886.6 | 1813 | 1131.9 | 5107.7 | 2381.2 | 2726.5 | 418.1 | 8052.6 | 3307.6 | 3613.1 |
| 2023-10 | 928.9 | 891.4 | 1820.3 | 1135.3 | 5124 | 2391.9 | 2732.1 | 418.2 | 8079.6 | 3320.8 | 3623.5 |
| 2023-11 | 926.9 | 893.7 | 1820.6 | 1138.3 | 5129.3 | 2387.6 | 2741.7 | 417.6 | 8088.2 | 3314.5 | 3635.4 |
| 2023-12 | 928.6 | 895.8 | 1824.4 | 1140.1 | 5135.9 | 2388.8 | 2747.1 | 417.2 | 8100.4 | 3317.4 | 3642.9 |
| 2024-01 | 930.3 | 899.1 | 1829.4 | 1141.5 | 5151.8 | 2392.7 | 2759.1 | 416.9 | 8122.7 | 3323 | 3658.2 |
| 2024-02 | 930.1 | 903 | 1833.1 | 1145.5 | 5153.8 | 2389.5 | 2764.3 | 417.5 | 8132.4 | 3319.6 | 3667.3 |
| 2024-03 | 939.4 | 905.1 | 1844.5 | 1146.1 | 5173.4 | 2399.5 | 2773.9 | 417.1 | 8164 | 3338.9 | 3679 |
| 2024-04 | 938.1 | 907.1 | 1845.2 | 1148.8 | 5175.5 | 2401.6 | 2773.9 | 416.9 | 8169.5 | 3339.7 | 3681 |
| 2024-05 | 937.1 | 904.6 | 1841.7 | 1150.2 | 5184.1 | 2405.3 | 2778.8 | 416.8 | 8176 | 3342.4 | 3683.4 |
| 2024-06 | 937.3 | 914.8 | 1852.1 | 1152.4 | 5191.4 | 2410.7 | 2780.7 | 417.6 | 8195.9 | 3348 | 3695.5 |
| 2024-07 | 934 | 916.6 | 1850.6 | 1148.4 | 5209.3 | 2412.2 | 2797.1 | 416.3 | 8208.3 | 3346.2 | 3713.7 |
| 2024-08 | 937.9 | 918.2 | 1856.1 | 1158.5 | 5221.4 | 2415.2 | 2806.2 | 414.4 | 8236 | 3353.1 | 3724.4 |
| 2024-09 | 939.5 | 916.9 | 1856.4 | 1164.4 | 5233.5 | 2421 | 2812.5 | 412.9 | 8254.3 | 3360.5 | 3729.4 |
| 2024-10 | 939.3 | 919.6 | 1858.9 | 1168.1 | 5235.4 | 2413.5 | 2821.9 | 411.4 | 8262.4 | 3352.8 | 3741.5 |
| 2024-11 | 937.4 | 920.9 | 1858.3 | 1170.4 | 5238.5 | 2414.6 | 2823.9 | 410.6 | 8267.2 | 3352 | 3744.8 |
| 2024-12 | 937.7 | 921.6 | 1859.3 | 1177.5 | 5239.2 | 2411.1 | 2828.1 | 409.4 | 8276 | 3348.8 | 3749.7 |
| 2025-01 | 937.3 | 922.4 | 1859.7 | 1174.1 | 5230.4 | 2401.6 | 2828.8 | 409.1 | 8264.2 | 3338.9 | 3751.2 |
| 2025-02 | 934.1 | 923.2 | 1857.3 | 1175.2 | 5234.5 | 2401.3 | 2833.2 | 409 | 8267 | 3335.4 | 3756.4 |
| 2025-03 | 935.5 | 924.6 | 1860.1 | 1180.3 | 5232.5 | 2394.4 | 2838.1 | 407.1 | 8272.9 | 3329.9 | 3762.7 |
| 2025-04 | 933.6 | 925.2 | 1858.8 | 1179 | 5233.4 | 2395.1 | 2838.3 | 407.7 | 8271.2 | 3328.7 | 3763.5 |
| 2025-05 | 932.9 | 926 | 1858.9 | 1180.6 | 5229.1 | 2386.7 | 2842.4 | 407.9 | 8268.6 | 3319.6 | 3768.4 |
| 2025-06 | 930.6 | 926.7 | 1857.3 | 1177.3 | 5232.3 | 2384 | 2848.3 | 405 | 8266.9 | 3314.6 | 3775 |
| 2025-07 | 928.1 | 925.5 | 1853.6 | 1182.6 | 5224.4 | 2379.7 | 2844.7 | 403.9 | 8260.6 | 3307.8 | 3770.2 |
| 2025-08 | 922.8 | 921.3 | 1844.1 | 1183.6 | 5211.4 | 2369.7 | 2841.7 | 403.5 | 8239.1 | 3292.5 | 3763 |
| 2025-09 | 926.7 | 919.7 | 1846.4 | 1184.5 | 5224 | 2369.1 | 2854.9 | 401.4 | 8254.9 | 3295.8 | 3774.6 |
| 2025-10 | 925.3 | 918.3 | 1843.6 | 1183.5 | 5215.7 | 2368.2 | 2847.5 | 399.8 | 8242.8 | 3293.5 | 3765.8 |
| 2025-11 | 928.4 | 925.6 | 1854 | 1190.2 | 5234.5 | 2365.7 | 2868.8 | 397.5 | 8278.7 | 3294.1 | 3794.4 |
| 2025-12 | 925.1 | 928.1 | 1853.2 | 1195.9 | 5222.4 | 2361.8 | 2860.6 | 395.2 | 8271.5 | 3286.9 | 3788.7 |
| 2026-01 | 926.6 | 932.9 | 1859.5 | 1206.1 | 5251 | 2369.1 | 2881.9 | 394 | 8316.6 | 3295.7 | 3814.8 |
| 2026-02 | 926.8 | 936.2 | 1863 | 1198.1 | 5235.2 | 2353.3 | 2881.9 | 392.1 | 8296.3 | 3280.1 | 3818.1 |
| 2026-03 | 927 | 937.9 | 1864.9 | 1202 | 5244.3 | 2362.4 | 2881.9 | 392.5 | 8311.2 | 3289.4 | 3819.8 |
| 2026-04 | 924.7 | 943.2 | 1867.9 | 1201.2 | 5245 | 2356.1 | 2888.9 | 392.5 | 8314.1 | 3280.8 | 3832.1 |
| 2026-05 | 918.9 | 945.1 | 1864 | 1201.9 | 5249.9 | 2353 | 2896.9 | 391.9 | 8315.8 | 3271.9 | 3842 |
| 2026-06 | 915.1 | 949.1 | 1864.2 | 1203.3 | 5253.2 | 2346.4 | 2906.8 | 392.9 | 8320.7 | 3261.5 | 3855.9 |
| 2026-07 | 914.6 | 953.3 | 1867.9 | 1203.7 | 5271.2 | 2349 | 2922.2 | 393 | 8342.8 | 3263.6 | 3875.5 |
Nonresidential work is carrying the headline
Nonresidential building construction employed 953,300 in July, 27,800 more than a year earlier and 30,900 more than in January 2025. Since January 2022 it has added 140,600 jobs, a 17.3 percent increase. Residential building, over the same four-and-a-half years, is up only 13,200 jobs, or 1.5 percent. Index both series to January 2022 and the split is obvious: housing is essentially flat; plants, warehouses, offices and, increasingly, data centers are not.
Specialty trades, the largest slice of construction employment, tell the same story in bulk. Residential specialty contractors — the plumbers, electricians, framers and finishers who follow housing starts — employed 2.349 million in July, down 30,700 from a year earlier and 52,600 from January 2025. Nonresidential specialty trades employed 2.922 million, up 77,500 over the year and 93,400 since January 2025. Heavy and civil engineering, the roads-and-bridges book, added 21,100 jobs over the year, to 1.204 million. Put the pieces together and July's construction payroll is 35 percent nonresidential specialty trades, 28 percent residential specialty trades, 14 percent heavy civil, 11 percent nonresidential building and 11 percent residential building. Housing is still a big employer. It is no longer the growth engine.
Factories that feed homebuilding have been shrinking longer. Wood-product manufacturing employed 393,000 in July, 10,900 below a year earlier and 16,100 below January 2025. That series peaked at 431,200 in April 2022 and is 38,200 jobs, or 8.9 percent, below that high. Lumber mills do not wait for a Census starts print to feel a housing slowdown.
Since 2022, nonresidential work has pulled away from housing
View exact chart values
| month | residential_building | nonresidential_building | residential_specialty | nonresidential_specialty | heavy_civil | wood_products |
|---|---|---|---|---|---|---|
| 2022-01 | 100 | 100 | 100 | 100 | 100 | 100 |
| 2022-02 | 100.7 | 100.6 | 100.7 | 100.9 | 100.5 | 100.6 |
| 2022-03 | 101.1 | 101.7 | 101.9 | 100.9 | 100.9 | 101.2 |
| 2022-04 | 101.7 | 102.1 | 101.7 | 100.8 | 101.1 | 101.9 |
| 2022-05 | 102.5 | 102.2 | 102.4 | 101.2 | 101.6 | 101.5 |
| 2022-06 | 102.3 | 102.3 | 102.2 | 102.2 | 102 | 101.3 |
| 2022-07 | 102.8 | 102.4 | 102.5 | 102.8 | 102.3 | 101.3 |
| 2022-08 | 102.7 | 102.6 | 102.8 | 102.9 | 102.1 | 101 |
| 2022-09 | 102.6 | 103.4 | 103.2 | 103.4 | 102.3 | 101.2 |
| 2022-10 | 102.9 | 103.9 | 103.5 | 103.5 | 102.3 | 100.7 |
| 2022-11 | 102.9 | 104.9 | 103.6 | 103.6 | 102.7 | 100.7 |
| 2022-12 | 103.2 | 105.5 | 103.8 | 103.8 | 103.1 | 100.8 |
| 2023-01 | 103.3 | 107.1 | 104.1 | 104.5 | 103.8 | 100.5 |
| 2023-02 | 102.9 | 107.4 | 104.4 | 104.4 | 104.5 | 99.8 |
| 2023-03 | 102.6 | 107.2 | 103.9 | 104.4 | 104.7 | 99.5 |
| 2023-04 | 102.1 | 107.1 | 104.7 | 104.8 | 105 | 99 |
| 2023-05 | 102.2 | 107.4 | 104.8 | 105.1 | 104.7 | 98.8 |
| 2023-06 | 103 | 107.8 | 105.4 | 105.3 | 105.9 | 98.5 |
| 2023-07 | 101.9 | 108.3 | 105.7 | 105.4 | 106.6 | 98 |
| 2023-08 | 102.2 | 108.8 | 105.6 | 106 | 107.2 | 98.8 |
| 2023-09 | 102.8 | 109.1 | 105.7 | 105.9 | 107.5 | 98.8 |
| 2023-10 | 103.1 | 109.7 | 106.2 | 106.1 | 107.8 | 98.8 |
| 2023-11 | 102.8 | 110 | 106 | 106.4 | 108.1 | 98.7 |
| 2023-12 | 103 | 110.2 | 106.1 | 106.7 | 108.3 | 98.6 |
| 2024-01 | 103.2 | 110.6 | 106.2 | 107.1 | 108.4 | 98.5 |
| 2024-02 | 103.2 | 111.1 | 106.1 | 107.3 | 108.8 | 98.7 |
| 2024-03 | 104.2 | 111.4 | 106.5 | 107.7 | 108.8 | 98.6 |
| 2024-04 | 104.1 | 111.6 | 106.6 | 107.7 | 109.1 | 98.5 |
| 2024-05 | 104 | 111.3 | 106.8 | 107.9 | 109.2 | 98.5 |
| 2024-06 | 104 | 112.6 | 107 | 108 | 109.4 | 98.7 |
| 2024-07 | 103.6 | 112.8 | 107.1 | 108.6 | 109.1 | 98.4 |
| 2024-08 | 104 | 113 | 107.2 | 108.9 | 110 | 97.9 |
| 2024-09 | 104.2 | 112.8 | 107.5 | 109.2 | 110.6 | 97.6 |
| 2024-10 | 104.2 | 113.2 | 107.2 | 109.6 | 110.9 | 97.2 |
| 2024-11 | 104 | 113.3 | 107.2 | 109.6 | 111.1 | 97 |
| 2024-12 | 104 | 113.4 | 107.1 | 109.8 | 111.8 | 96.8 |
| 2025-01 | 104 | 113.5 | 106.6 | 109.8 | 111.5 | 96.7 |
| 2025-02 | 103.6 | 113.6 | 106.6 | 110 | 111.6 | 96.7 |
| 2025-03 | 103.8 | 113.8 | 106.3 | 110.2 | 112.1 | 96.2 |
| 2025-04 | 103.6 | 113.8 | 106.3 | 110.2 | 112 | 96.4 |
| 2025-05 | 103.5 | 113.9 | 106 | 110.4 | 112.1 | 96.4 |
| 2025-06 | 103.2 | 114 | 105.9 | 110.6 | 111.8 | 95.7 |
| 2025-07 | 103 | 113.9 | 105.7 | 110.4 | 112.3 | 95.5 |
| 2025-08 | 102.4 | 113.4 | 105.2 | 110.3 | 112.4 | 95.4 |
| 2025-09 | 102.8 | 113.2 | 105.2 | 110.8 | 112.5 | 94.9 |
| 2025-10 | 102.7 | 113 | 105.2 | 110.5 | 112.4 | 94.5 |
| 2025-11 | 103 | 113.9 | 105 | 111.4 | 113 | 93.9 |
| 2025-12 | 102.6 | 114.2 | 104.9 | 111.1 | 113.6 | 93.4 |
| 2026-01 | 102.8 | 114.8 | 105.2 | 111.9 | 114.5 | 93.1 |
| 2026-02 | 102.8 | 115.2 | 104.5 | 111.9 | 113.8 | 92.7 |
| 2026-03 | 102.8 | 115.4 | 104.9 | 111.9 | 114.2 | 92.8 |
| 2026-04 | 102.6 | 116.1 | 104.6 | 112.2 | 114.1 | 92.8 |
| 2026-05 | 101.9 | 116.3 | 104.5 | 112.5 | 114.1 | 92.6 |
| 2026-06 | 101.5 | 116.8 | 104.2 | 112.9 | 114.3 | 92.9 |
| 2026-07 | 101.5 | 117.3 | 104.3 | 113.4 | 114.3 | 92.9 |
Over the past year, housing lost jobs; offices, plants and roads added them
View exact chart values
| component | change_thousands | percent | latest | year_ago |
|---|---|---|---|---|
| Residential specialty trades | -30.7 | -1.3 | 2349 | 2379.7 |
| Residential building | -13.5 | -1.5 | 914.6 | 928.1 |
| Wood product manufacturing | -10.9 | -2.7 | 393 | 403.9 |
| Heavy and civil engineering | 21.1 | 1.8 | 1203.7 | 1182.6 |
| Nonresidential building | 27.8 | 3 | 953.3 | 925.5 |
| Nonresidential specialty trades | 77.5 | 2.7 | 2922.2 | 2844.7 |
Hours never caught fire. Pay is going elsewhere.
Job counts can lag. Hours usually do not. Average weekly hours in residential building were 36.5 in June 2026, the latest month the hours and earnings files cover, against 40.0 hours in nonresidential building. That gap is not new. Residential crews have worked shorter weeks than nonresidential crews for the entire 2015-26 window in these data. What has not happened is a late-cycle surge in housing hours that would suggest builders are running their remaining crews ragged to finish a backlog. Residential hours in June were only 0.2 hours above a year earlier.
Pay is moving even more clearly toward the nonresidential side. Residential building paid $39.74 an hour in June; nonresidential building paid $47.25. The $7.51 gap is wider than the $5.90 gap in January 2022. Over the year to June, residential hourly earnings rose 1.0 percent, or 41 cents. Nonresidential hourly earnings rose 5.1 percent, or $2.28. That is not a story about construction workers getting poorer. It is a story about which construction jobs the market is bidding up.
None of this proves that 5.3 percent 30-year yields caused July's starts miss, or that the starts miss caused July's job loss. Payrolls are a lagging count of people on employer books; a 12.4 percent drop in the starts rate can show up in employment over several months, or not at all if builders keep crews through a pause. Permits rose in July, which is the construction equivalent of buying lumber and then waiting. What the job files do show, without any causal leap, is that the housing half of the industry had already stopped adding workers while the nonresidential half — the half more likely to be pouring slabs for data centers and factories — kept going.
Residential crews still work shorter weeks than nonresidential crews
View exact chart values
| month | residential_hours | nonresidential_hours | residential_hourly | nonresidential_hourly | pay_gap |
|---|---|---|---|---|---|
| 2015-01 | 36.5 | 39.4 | 25.5 | 31.5 | 6 |
| 2015-02 | 37.1 | 39.9 | 25.67 | 31.57 | 5.9 |
| 2015-03 | 36.7 | 39.6 | 26.06 | 31.71 | 5.65 |
| 2015-04 | 36.6 | 39.6 | 25.92 | 31.8 | 5.88 |
| 2015-05 | 36.6 | 39.6 | 25.98 | 31.85 | 5.87 |
| 2015-06 | 36.2 | 39.7 | 26.14 | 31.88 | 5.74 |
| 2015-07 | 36.6 | 39.7 | 26.01 | 31.85 | 5.84 |
| 2015-08 | 36.8 | 40 | 26.3 | 31.88 | 5.58 |
| 2015-09 | 36.8 | 39.8 | 26.43 | 32.01 | 5.58 |
| 2015-10 | 36.9 | 40 | 26.46 | 31.99 | 5.53 |
| 2015-11 | 36.6 | 40.2 | 26.61 | 32.14 | 5.53 |
| 2015-12 | 36.8 | 40.1 | 26.47 | 31.97 | 5.5 |
| 2016-01 | 36.5 | 40.2 | 26.86 | 31.9 | 5.04 |
| 2016-02 | 36.4 | 39.9 | 26.76 | 31.84 | 5.08 |
| 2016-03 | 36.6 | 39.6 | 26.81 | 32.1 | 5.29 |
| 2016-04 | 36.4 | 40 | 26.89 | 32.25 | 5.36 |
| 2016-05 | 36.4 | 40 | 26.81 | 32.61 | 5.8 |
| 2016-06 | 36.3 | 39.9 | 26.86 | 32.53 | 5.67 |
| 2016-07 | 36.4 | 39.8 | 27.1 | 32.77 | 5.67 |
| 2016-08 | 36.3 | 39.5 | 27.17 | 32.99 | 5.82 |
| 2016-09 | 36.2 | 39.7 | 27.17 | 32.81 | 5.64 |
| 2016-10 | 36.4 | 39.8 | 27.31 | 32.9 | 5.59 |
| 2016-11 | 36.2 | 39.6 | 27.19 | 32.88 | 5.69 |
| 2016-12 | 36.3 | 39.7 | 27.33 | 33.04 | 5.71 |
| 2017-01 | 36.4 | 39.7 | 27.7 | 33.05 | 5.35 |
| 2017-02 | 36.1 | 39.8 | 27.45 | 32.96 | 5.51 |
| 2017-03 | 35.7 | 39.5 | 27.8 | 33.1 | 5.3 |
| 2017-04 | 36.2 | 39.8 | 27.8 | 33.09 | 5.29 |
| 2017-05 | 36.3 | 39.7 | 27.75 | 33.09 | 5.34 |
| 2017-06 | 36.3 | 39.9 | 27.77 | 33.22 | 5.45 |
| 2017-07 | 36.2 | 39.9 | 27.98 | 33.27 | 5.29 |
| 2017-08 | 36.2 | 39.8 | 28.01 | 33.37 | 5.36 |
| 2017-09 | 36.4 | 39.7 | 28.08 | 33.78 | 5.7 |
| 2017-10 | 36.7 | 40.1 | 28.12 | 33.82 | 5.7 |
| 2017-11 | 36.6 | 40 | 28.24 | 34.05 | 5.81 |
| 2017-12 | 36.3 | 39.7 | 28.6 | 34.06 | 5.46 |
| 2018-01 | 36.4 | 39.6 | 28.84 | 34.25 | 5.41 |
| 2018-02 | 36.7 | 39.8 | 29.03 | 34.28 | 5.25 |
| 2018-03 | 36.5 | 40 | 29.09 | 34.23 | 5.14 |
| 2018-04 | 36.7 | 40.4 | 29.35 | 34.34 | 4.99 |
| 2018-05 | 36.7 | 39.9 | 29.5 | 34.31 | 4.81 |
| 2018-06 | 36.7 | 39.9 | 29.67 | 34.34 | 4.67 |
| 2018-07 | 37.2 | 40.6 | 29.58 | 34.34 | 4.76 |
| 2018-08 | 36.7 | 40.1 | 29.68 | 34.27 | 4.59 |
| 2018-09 | 36.5 | 39.8 | 29.89 | 34.38 | 4.49 |
| 2018-10 | 36.5 | 40.1 | 29.76 | 34.54 | 4.78 |
| 2018-11 | 36.1 | 40.2 | 30.06 | 34.49 | 4.43 |
| 2018-12 | 36.6 | 40.5 | 30.28 | 34.87 | 4.59 |
| 2019-01 | 36.5 | 40.9 | 29.9 | 34.5 | 4.6 |
| 2019-02 | 36.2 | 39.9 | 30.3 | 34.8 | 4.5 |
| 2019-03 | 36.3 | 40.5 | 30.1 | 34.8 | 4.7 |
| 2019-04 | 36.2 | 40.3 | 30.29 | 34.87 | 4.58 |
| 2019-05 | 36.3 | 40.3 | 30.39 | 34.97 | 4.58 |
| 2019-06 | 36.7 | 40.5 | 30.54 | 35.07 | 4.53 |
| 2019-07 | 36.3 | 40.2 | 30.33 | 35.18 | 4.85 |
| 2019-08 | 36.4 | 40.3 | 30.41 | 35.43 | 5.02 |
| 2019-09 | 36.7 | 40.7 | 30.39 | 35.39 | 5 |
| 2019-10 | 36.3 | 40.2 | 30.57 | 35.44 | 4.87 |
| 2019-11 | 36.5 | 40.1 | 30.54 | 35.64 | 5.1 |
| 2019-12 | 36.7 | 40.2 | 30.43 | 35.76 | 5.33 |
| 2020-01 | 36.3 | 40.1 | 30.46 | 35.8 | 5.34 |
| 2020-02 | 36.7 | 40.2 | 30.78 | 36.03 | 5.25 |
| 2020-03 | 36.7 | 40.2 | 31.11 | 36.52 | 5.41 |
| 2020-04 | 35.8 | 39 | 31.49 | 36.43 | 4.94 |
| 2020-05 | 36.3 | 39.6 | 31.16 | 36.26 | 5.1 |
| 2020-06 | 36.5 | 39.9 | 31.19 | 36.51 | 5.32 |
| 2020-07 | 36.7 | 39.8 | 31.56 | 36.78 | 5.22 |
| 2020-08 | 36.6 | 40 | 31.76 | 36.87 | 5.11 |
| 2020-09 | 36.6 | 40.3 | 31.57 | 36.85 | 5.28 |
| 2020-10 | 36.4 | 40.3 | 31.7 | 36.94 | 5.24 |
| 2020-11 | 36.7 | 40.4 | 31.94 | 37.04 | 5.1 |
| 2020-12 | 36.4 | 40.5 | 31.95 | 37.08 | 5.13 |
| 2021-01 | 36.7 | 40.7 | 32.09 | 37.23 | 5.14 |
| 2021-02 | 36.1 | 39.4 | 31.74 | 37.37 | 5.63 |
| 2021-03 | 36.5 | 40.8 | 31.69 | 37.2 | 5.51 |
| 2021-04 | 36.5 | 40.7 | 31.74 | 37.65 | 5.91 |
| 2021-05 | 36.6 | 40.8 | 32.09 | 38 | 5.91 |
| 2021-06 | 36.1 | 40.5 | 31.98 | 38 | 6.02 |
| 2021-07 | 36.3 | 40.8 | 32.24 | 38.15 | 5.91 |
| 2021-08 | 36.5 | 40.4 | 32.38 | 38.33 | 5.95 |
| 2021-09 | 36.5 | 40.7 | 32.72 | 38.39 | 5.67 |
| 2021-10 | 35.8 | 40.4 | 32.76 | 38.47 | 5.71 |
| 2021-11 | 35.7 | 40.9 | 32.86 | 38.55 | 5.69 |
| 2021-12 | 35.9 | 40.8 | 33.18 | 38.53 | 5.35 |
| 2022-01 | 35.7 | 40.2 | 33.16 | 39.06 | 5.9 |
| 2022-02 | 35.9 | 40.7 | 33.21 | 38.94 | 5.73 |
| 2022-03 | 35.7 | 40.6 | 33.41 | 38.99 | 5.58 |
| 2022-04 | 35.6 | 40.6 | 33.57 | 39.2 | 5.63 |
| 2022-05 | 35.7 | 40.4 | 33.65 | 39.64 | 5.99 |
| 2022-06 | 35.7 | 40.3 | 33.63 | 39.73 | 6.1 |
| 2022-07 | 35.7 | 40.4 | 33.55 | 39.77 | 6.22 |
| 2022-08 | 35.7 | 40.5 | 33.65 | 40.07 | 6.42 |
| 2022-09 | 35.8 | 40.2 | 33.96 | 40.38 | 6.42 |
| 2022-10 | 35.8 | 40.2 | 34.41 | 40.74 | 6.33 |
| 2022-11 | 35.7 | 39.7 | 34.16 | 40.82 | 6.66 |
| 2022-12 | 36 | 40 | 34.11 | 41.17 | 7.06 |
| 2023-01 | 36.7 | 40.6 | 34.18 | 41.28 | 7.1 |
| 2023-02 | 36.5 | 40.3 | 34.37 | 41.53 | 7.16 |
| 2023-03 | 35.9 | 39.8 | 34.68 | 41.83 | 7.15 |
| 2023-04 | 36.4 | 40.2 | 34.62 | 41.87 | 7.25 |
| 2023-05 | 36.2 | 39.7 | 34.42 | 42.05 | 7.63 |
| 2023-06 | 36.1 | 40.3 | 34.74 | 42.31 | 7.57 |
| 2023-07 | 36 | 40.4 | 35.27 | 42.77 | 7.5 |
| 2023-08 | 35.7 | 40.4 | 35.37 | 42.77 | 7.4 |
| 2023-09 | 35.9 | 40.5 | 35.4 | 43.07 | 7.67 |
| 2023-10 | 36.1 | 40.6 | 35.81 | 43.23 | 7.42 |
| 2023-11 | 36.1 | 40.4 | 35.84 | 43.57 | 7.73 |
| 2023-12 | 35.9 | 40.4 | 36.21 | 43.67 | 7.46 |
| 2024-01 | 36 | 39.8 | 36.55 | 43.88 | 7.33 |
| 2024-02 | 36 | 40.1 | 36.97 | 43.97 | 7 |
| 2024-03 | 36.1 | 40.1 | 37.13 | 44.27 | 7.14 |
| 2024-04 | 35.6 | 39.8 | 37.5 | 44.41 | 6.91 |
| 2024-05 | 36 | 39.9 | 37.67 | 44.52 | 6.85 |
| 2024-06 | 36 | 39.9 | 38.01 | 44.42 | 6.41 |
| 2024-07 | 35 | 39.7 | 37.97 | 44.39 | 6.42 |
| 2024-08 | 35.3 | 39.8 | 38.11 | 44.35 | 6.24 |
| 2024-09 | 35.6 | 39.7 | 38.38 | 44.37 | 5.99 |
| 2024-10 | 35.8 | 39.5 | 38.28 | 44.35 | 6.07 |
| 2024-11 | 35.9 | 39.6 | 38.56 | 44.45 | 5.89 |
| 2024-12 | 35.9 | 39.5 | 38.37 | 44.67 | 6.3 |
| 2025-01 | 36 | 39.7 | 38.65 | 44.79 | 6.14 |
| 2025-02 | 36.1 | 39.3 | 38.61 | 44.76 | 6.15 |
| 2025-03 | 36.1 | 39.9 | 38.8 | 44.73 | 5.93 |
| 2025-04 | 36 | 39.8 | 38.92 | 44.74 | 5.82 |
| 2025-05 | 36.1 | 39.6 | 39.04 | 44.83 | 5.79 |
| 2025-06 | 36.3 | 39.7 | 39.33 | 44.97 | 5.64 |
| 2025-07 | 36.4 | 39.5 | 39.58 | 45.24 | 5.66 |
| 2025-08 | 36.1 | 39.6 | 39.76 | 45.34 | 5.58 |
| 2025-09 | 36 | 39.6 | 39.58 | 45.52 | 5.94 |
| 2025-10 | 36.1 | 39.8 | 39.75 | 45.65 | 5.9 |
| 2025-11 | 36.4 | 40.1 | 39.35 | 45.77 | 6.42 |
| 2025-12 | 35.8 | 39.9 | 39.61 | 45.85 | 6.24 |
| 2026-01 | 36.4 | 40.1 | 39.47 | 46.27 | 6.8 |
| 2026-02 | 36.5 | 40.3 | 39.81 | 46.44 | 6.63 |
| 2026-03 | 36.6 | 40.1 | 39.64 | 46.72 | 7.08 |
| 2026-04 | 36.7 | 40.2 | 39.61 | 46.77 | 7.16 |
| 2026-05 | 36.6 | 40 | 39.75 | 46.93 | 7.18 |
| 2026-06 | 36.5 | 40 | 39.74 | 47.25 | 7.51 |
The pay gap between housing and nonresidential work has widened again
View exact chart values
| month | residential_hours | nonresidential_hours | residential_hourly | nonresidential_hourly | pay_gap |
|---|---|---|---|---|---|
| 2015-01 | 36.5 | 39.4 | 25.5 | 31.5 | 6 |
| 2015-02 | 37.1 | 39.9 | 25.67 | 31.57 | 5.9 |
| 2015-03 | 36.7 | 39.6 | 26.06 | 31.71 | 5.65 |
| 2015-04 | 36.6 | 39.6 | 25.92 | 31.8 | 5.88 |
| 2015-05 | 36.6 | 39.6 | 25.98 | 31.85 | 5.87 |
| 2015-06 | 36.2 | 39.7 | 26.14 | 31.88 | 5.74 |
| 2015-07 | 36.6 | 39.7 | 26.01 | 31.85 | 5.84 |
| 2015-08 | 36.8 | 40 | 26.3 | 31.88 | 5.58 |
| 2015-09 | 36.8 | 39.8 | 26.43 | 32.01 | 5.58 |
| 2015-10 | 36.9 | 40 | 26.46 | 31.99 | 5.53 |
| 2015-11 | 36.6 | 40.2 | 26.61 | 32.14 | 5.53 |
| 2015-12 | 36.8 | 40.1 | 26.47 | 31.97 | 5.5 |
| 2016-01 | 36.5 | 40.2 | 26.86 | 31.9 | 5.04 |
| 2016-02 | 36.4 | 39.9 | 26.76 | 31.84 | 5.08 |
| 2016-03 | 36.6 | 39.6 | 26.81 | 32.1 | 5.29 |
| 2016-04 | 36.4 | 40 | 26.89 | 32.25 | 5.36 |
| 2016-05 | 36.4 | 40 | 26.81 | 32.61 | 5.8 |
| 2016-06 | 36.3 | 39.9 | 26.86 | 32.53 | 5.67 |
| 2016-07 | 36.4 | 39.8 | 27.1 | 32.77 | 5.67 |
| 2016-08 | 36.3 | 39.5 | 27.17 | 32.99 | 5.82 |
| 2016-09 | 36.2 | 39.7 | 27.17 | 32.81 | 5.64 |
| 2016-10 | 36.4 | 39.8 | 27.31 | 32.9 | 5.59 |
| 2016-11 | 36.2 | 39.6 | 27.19 | 32.88 | 5.69 |
| 2016-12 | 36.3 | 39.7 | 27.33 | 33.04 | 5.71 |
| 2017-01 | 36.4 | 39.7 | 27.7 | 33.05 | 5.35 |
| 2017-02 | 36.1 | 39.8 | 27.45 | 32.96 | 5.51 |
| 2017-03 | 35.7 | 39.5 | 27.8 | 33.1 | 5.3 |
| 2017-04 | 36.2 | 39.8 | 27.8 | 33.09 | 5.29 |
| 2017-05 | 36.3 | 39.7 | 27.75 | 33.09 | 5.34 |
| 2017-06 | 36.3 | 39.9 | 27.77 | 33.22 | 5.45 |
| 2017-07 | 36.2 | 39.9 | 27.98 | 33.27 | 5.29 |
| 2017-08 | 36.2 | 39.8 | 28.01 | 33.37 | 5.36 |
| 2017-09 | 36.4 | 39.7 | 28.08 | 33.78 | 5.7 |
| 2017-10 | 36.7 | 40.1 | 28.12 | 33.82 | 5.7 |
| 2017-11 | 36.6 | 40 | 28.24 | 34.05 | 5.81 |
| 2017-12 | 36.3 | 39.7 | 28.6 | 34.06 | 5.46 |
| 2018-01 | 36.4 | 39.6 | 28.84 | 34.25 | 5.41 |
| 2018-02 | 36.7 | 39.8 | 29.03 | 34.28 | 5.25 |
| 2018-03 | 36.5 | 40 | 29.09 | 34.23 | 5.14 |
| 2018-04 | 36.7 | 40.4 | 29.35 | 34.34 | 4.99 |
| 2018-05 | 36.7 | 39.9 | 29.5 | 34.31 | 4.81 |
| 2018-06 | 36.7 | 39.9 | 29.67 | 34.34 | 4.67 |
| 2018-07 | 37.2 | 40.6 | 29.58 | 34.34 | 4.76 |
| 2018-08 | 36.7 | 40.1 | 29.68 | 34.27 | 4.59 |
| 2018-09 | 36.5 | 39.8 | 29.89 | 34.38 | 4.49 |
| 2018-10 | 36.5 | 40.1 | 29.76 | 34.54 | 4.78 |
| 2018-11 | 36.1 | 40.2 | 30.06 | 34.49 | 4.43 |
| 2018-12 | 36.6 | 40.5 | 30.28 | 34.87 | 4.59 |
| 2019-01 | 36.5 | 40.9 | 29.9 | 34.5 | 4.6 |
| 2019-02 | 36.2 | 39.9 | 30.3 | 34.8 | 4.5 |
| 2019-03 | 36.3 | 40.5 | 30.1 | 34.8 | 4.7 |
| 2019-04 | 36.2 | 40.3 | 30.29 | 34.87 | 4.58 |
| 2019-05 | 36.3 | 40.3 | 30.39 | 34.97 | 4.58 |
| 2019-06 | 36.7 | 40.5 | 30.54 | 35.07 | 4.53 |
| 2019-07 | 36.3 | 40.2 | 30.33 | 35.18 | 4.85 |
| 2019-08 | 36.4 | 40.3 | 30.41 | 35.43 | 5.02 |
| 2019-09 | 36.7 | 40.7 | 30.39 | 35.39 | 5 |
| 2019-10 | 36.3 | 40.2 | 30.57 | 35.44 | 4.87 |
| 2019-11 | 36.5 | 40.1 | 30.54 | 35.64 | 5.1 |
| 2019-12 | 36.7 | 40.2 | 30.43 | 35.76 | 5.33 |
| 2020-01 | 36.3 | 40.1 | 30.46 | 35.8 | 5.34 |
| 2020-02 | 36.7 | 40.2 | 30.78 | 36.03 | 5.25 |
| 2020-03 | 36.7 | 40.2 | 31.11 | 36.52 | 5.41 |
| 2020-04 | 35.8 | 39 | 31.49 | 36.43 | 4.94 |
| 2020-05 | 36.3 | 39.6 | 31.16 | 36.26 | 5.1 |
| 2020-06 | 36.5 | 39.9 | 31.19 | 36.51 | 5.32 |
| 2020-07 | 36.7 | 39.8 | 31.56 | 36.78 | 5.22 |
| 2020-08 | 36.6 | 40 | 31.76 | 36.87 | 5.11 |
| 2020-09 | 36.6 | 40.3 | 31.57 | 36.85 | 5.28 |
| 2020-10 | 36.4 | 40.3 | 31.7 | 36.94 | 5.24 |
| 2020-11 | 36.7 | 40.4 | 31.94 | 37.04 | 5.1 |
| 2020-12 | 36.4 | 40.5 | 31.95 | 37.08 | 5.13 |
| 2021-01 | 36.7 | 40.7 | 32.09 | 37.23 | 5.14 |
| 2021-02 | 36.1 | 39.4 | 31.74 | 37.37 | 5.63 |
| 2021-03 | 36.5 | 40.8 | 31.69 | 37.2 | 5.51 |
| 2021-04 | 36.5 | 40.7 | 31.74 | 37.65 | 5.91 |
| 2021-05 | 36.6 | 40.8 | 32.09 | 38 | 5.91 |
| 2021-06 | 36.1 | 40.5 | 31.98 | 38 | 6.02 |
| 2021-07 | 36.3 | 40.8 | 32.24 | 38.15 | 5.91 |
| 2021-08 | 36.5 | 40.4 | 32.38 | 38.33 | 5.95 |
| 2021-09 | 36.5 | 40.7 | 32.72 | 38.39 | 5.67 |
| 2021-10 | 35.8 | 40.4 | 32.76 | 38.47 | 5.71 |
| 2021-11 | 35.7 | 40.9 | 32.86 | 38.55 | 5.69 |
| 2021-12 | 35.9 | 40.8 | 33.18 | 38.53 | 5.35 |
| 2022-01 | 35.7 | 40.2 | 33.16 | 39.06 | 5.9 |
| 2022-02 | 35.9 | 40.7 | 33.21 | 38.94 | 5.73 |
| 2022-03 | 35.7 | 40.6 | 33.41 | 38.99 | 5.58 |
| 2022-04 | 35.6 | 40.6 | 33.57 | 39.2 | 5.63 |
| 2022-05 | 35.7 | 40.4 | 33.65 | 39.64 | 5.99 |
| 2022-06 | 35.7 | 40.3 | 33.63 | 39.73 | 6.1 |
| 2022-07 | 35.7 | 40.4 | 33.55 | 39.77 | 6.22 |
| 2022-08 | 35.7 | 40.5 | 33.65 | 40.07 | 6.42 |
| 2022-09 | 35.8 | 40.2 | 33.96 | 40.38 | 6.42 |
| 2022-10 | 35.8 | 40.2 | 34.41 | 40.74 | 6.33 |
| 2022-11 | 35.7 | 39.7 | 34.16 | 40.82 | 6.66 |
| 2022-12 | 36 | 40 | 34.11 | 41.17 | 7.06 |
| 2023-01 | 36.7 | 40.6 | 34.18 | 41.28 | 7.1 |
| 2023-02 | 36.5 | 40.3 | 34.37 | 41.53 | 7.16 |
| 2023-03 | 35.9 | 39.8 | 34.68 | 41.83 | 7.15 |
| 2023-04 | 36.4 | 40.2 | 34.62 | 41.87 | 7.25 |
| 2023-05 | 36.2 | 39.7 | 34.42 | 42.05 | 7.63 |
| 2023-06 | 36.1 | 40.3 | 34.74 | 42.31 | 7.57 |
| 2023-07 | 36 | 40.4 | 35.27 | 42.77 | 7.5 |
| 2023-08 | 35.7 | 40.4 | 35.37 | 42.77 | 7.4 |
| 2023-09 | 35.9 | 40.5 | 35.4 | 43.07 | 7.67 |
| 2023-10 | 36.1 | 40.6 | 35.81 | 43.23 | 7.42 |
| 2023-11 | 36.1 | 40.4 | 35.84 | 43.57 | 7.73 |
| 2023-12 | 35.9 | 40.4 | 36.21 | 43.67 | 7.46 |
| 2024-01 | 36 | 39.8 | 36.55 | 43.88 | 7.33 |
| 2024-02 | 36 | 40.1 | 36.97 | 43.97 | 7 |
| 2024-03 | 36.1 | 40.1 | 37.13 | 44.27 | 7.14 |
| 2024-04 | 35.6 | 39.8 | 37.5 | 44.41 | 6.91 |
| 2024-05 | 36 | 39.9 | 37.67 | 44.52 | 6.85 |
| 2024-06 | 36 | 39.9 | 38.01 | 44.42 | 6.41 |
| 2024-07 | 35 | 39.7 | 37.97 | 44.39 | 6.42 |
| 2024-08 | 35.3 | 39.8 | 38.11 | 44.35 | 6.24 |
| 2024-09 | 35.6 | 39.7 | 38.38 | 44.37 | 5.99 |
| 2024-10 | 35.8 | 39.5 | 38.28 | 44.35 | 6.07 |
| 2024-11 | 35.9 | 39.6 | 38.56 | 44.45 | 5.89 |
| 2024-12 | 35.9 | 39.5 | 38.37 | 44.67 | 6.3 |
| 2025-01 | 36 | 39.7 | 38.65 | 44.79 | 6.14 |
| 2025-02 | 36.1 | 39.3 | 38.61 | 44.76 | 6.15 |
| 2025-03 | 36.1 | 39.9 | 38.8 | 44.73 | 5.93 |
| 2025-04 | 36 | 39.8 | 38.92 | 44.74 | 5.82 |
| 2025-05 | 36.1 | 39.6 | 39.04 | 44.83 | 5.79 |
| 2025-06 | 36.3 | 39.7 | 39.33 | 44.97 | 5.64 |
| 2025-07 | 36.4 | 39.5 | 39.58 | 45.24 | 5.66 |
| 2025-08 | 36.1 | 39.6 | 39.76 | 45.34 | 5.58 |
| 2025-09 | 36 | 39.6 | 39.58 | 45.52 | 5.94 |
| 2025-10 | 36.1 | 39.8 | 39.75 | 45.65 | 5.9 |
| 2025-11 | 36.4 | 40.1 | 39.35 | 45.77 | 6.42 |
| 2025-12 | 35.8 | 39.9 | 39.61 | 45.85 | 6.24 |
| 2026-01 | 36.4 | 40.1 | 39.47 | 46.27 | 6.8 |
| 2026-02 | 36.5 | 40.3 | 39.81 | 46.44 | 6.63 |
| 2026-03 | 36.6 | 40.1 | 39.64 | 46.72 | 7.08 |
| 2026-04 | 36.7 | 40.2 | 39.61 | 46.77 | 7.16 |
| 2026-05 | 36.6 | 40 | 39.75 | 46.93 | 7.18 |
| 2026-06 | 36.5 | 40 | 39.74 | 47.25 | 7.51 |
A growing industry that is not building houses
Readers who only see the total construction number will miss the split. Total construction payrolls are still near a cycle high. Residential building is 25,000 jobs below its 2024 peak. Residential specialty trades have given back more than 50,000 jobs since January 2025. Wood products have been in a slow bleed since spring 2022. Those are three different clocks, and they are all running against housing.
They are also running against a political calendar. Higher long-term yields make mortgages more expensive; expensive mortgages make starts harder; weaker starts eventually show up as fewer residential paychecks. That chain is a description of how housing cycles usually work, not a finding that this particular yield spike caused this particular job loss. The finding is narrower and, for once, more useful: if you are looking for the labor-market scar of a housing slowdown in the summer of 2026, do not look at construction. Look at residential building, residential trades, and the mills that cut the lumber. The rest of the industry is busy with something else.
Sources and methods
This is retrospective enrichment using pinned catalogue snapshots. It is not an as-known-on-the-edition-date reconstruction. The research date is 11 September 2026. The historical edition date is 18 August 2026.
Employment observations are monthly, seasonally adjusted Current Employment Statistics series for the United States from January 2015 through July 2026 (139 months). Hours and earnings series in the same snapshot end in June 2026 (138 months). The CES vintage is bls-ce-snapshot-2026-08-24.
Job counts are in thousands of employees. Average weekly hours are hours per employee. Average hourly earnings are current dollars, not adjusted for inflation. Missing values were not treated as zero; these extracts contained no nulls and no duplicate period keys.
Total construction is the sum of construction of buildings, heavy and civil engineering construction, and specialty trade contractors. Residential plus nonresidential building matched the parent construction-of-buildings series in every month (maximum difference 0). Residential plus nonresidential specialty trades matched the parent specialty-trades series in every month (maximum difference 0). Combined residential and combined nonresidential figures add building and specialty trades and are labeled as such; they are not official CES aggregates.
Year-over-year comparisons use July 2025 versus July 2026 for employment and June 2025 versus June 2026 for hours and earnings. Peak residential building employment is the maximum of the seasonally adjusted series from January 2022 through July 2026. Wood-product peak is the maximum over the full 2015-26 window.
Census housing-start and Treasury-yield figures in the article are from 18 August 2026 reporting, not from this catalogue. They motivate the question. They are not inputs to the payroll calculations. No causal effect of yields or starts on employment is inferred from these descriptive comparisons. Later CES revisions may change the July 2026 levels.
Research completed 2026-09-11, for the August 18, 2026 news edition. This is retrospective analysis, not a reconstruction of information available that day.