(June 25, 2024) Today’s monthly jobs report provides further evidence of strong growth within Arkansas’ Construction sector, a development noted last week in a Policy Foundation research memo.
(June 25, 2024) Today’s monthly jobs report provides further evidence of strong growth within Arkansas’ Construction sector, a development noted last week in a Policy Foundation research memo.(1) Arkansas Construction jobs expanded from 51,400 (April 2020) to 67,500 (April 2024), a 31.3% growth rate that topped the U.S. average (26%) in the period, according to preliminary numbers posted by the U.S. Bureau of Labor Statistics.(2)
Following are the 16 states with growth rates greater than the U.S. average.
Michigan 98% Arkansas 31.3%
Vermont 66% West Virginia 28.6%
Pennsylvania 59% Kentucky 28.57%
New York 58% Connecticut 28.39%
Massachusetts 56% New Jersey 27.97%
Alaska 38% Arizona 26.3%
Montana 35.5%
Rhode Island 34.6%
Idaho 33.6%
Nevada 31.7%
Sources
(1) “Arkansas Ranks in Top 10 in Construction Sector Jobs.” Policy Foundation memo (June 17, 2024)
(2) Last month, the economy entered the fifth year of an expansion that began in May 2o20, according to the National Bureau of Economic Research, a business cycle arbiter. The recession’s trough occurred in April 2020. https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions
(3) https://www.bls.gov/sae/ U.S. Construction jobs: (April 2020) 6,528,000 (April 2024) 8,228,000
(BLS: Nonfarm Payroll Employment) Michigan 103,300, 204,500; Vermont 9,500, 15,800; Pennsylvania 162,000, 256,800; New York 248,500, 392,600; Massachusetts 113,700 177,400; Alaska 14,600, 20,100; Montana 29,000, 39,300; Rhode Island 15,900, 21,400; Idaho 53,600, 71,600; Nevada 91,400, 120,400; Arkansas 51,400, 67,500; West Virginia 26,200, 33,700; Kentucky 72,800, 93,600;
Connecticut 49,300, 63,300; New Jersey 131,900, 168,800; Arizona 171,300, 216,400.
