Construction firms added 14,000 workers in July and construction industry pay rose at the fastest rate in seven years, according to the Associated General Contractors of America. Association officials added that tight labor market conditions have driven the construction sector's wages up to 10% higher than the all-private sector average.
"Several indicators show that there is still plenty of construction work available, but the shortage of experienced workers is growing ever more acute," said Ken Simonson, the association's chief economist. "With the number of unemployment workers who have construction experience now at a 16-year low, the industry has increased pay at the fastest rate since 2009 and is keeping workers on the job more hours per week."