Construction Growth Into Summer

Construction Growth Into Summer

Employment increased more than forecast in June, wages picked up and the U.S. jobless rate held close to a four-year low.

"The job market is stronger," said Harm Bandholz, chief U.S. economist at UniCredit Group in New York and the top forecaster of payrolls over the past two years, according to data compiled by Bloomberg. "It's a good number, especially with the upward revisions." Fed "tapering is getting closer."

Construction companies added 13,000, the most in three months.

Summertime construction employment has increased each of the past three years, but tapered off into the fall. Continuing on its current momentum is important for the construction industry's long-term growth.