By Kim Kennedy, Director of Forecasting Dodge Data & Analytics
BEDFORD, MA -- MARCH 5, 2021 -- New cases of COVID-19 began to decline in February after the winter surge and the economy responded positively by adding a healthy 379,000 jobs during the month and allowing the unemployment rate to slip to 6.2%. The easing of COVID-19 restrictions encouraged job growth in sectors hit hardest by the pandemic. Leisure and hospitality, for example, added 355,000 jobs in February with most of those jobs (286,000) coming from restaurants and bars. Retail jobs climbed by a smaller 41,000 and healthcare service employment, in high demand with the pandemic, increased by almost 46,000. Temporary jobs, which are typically a leading indicator for overall job growth, also rose by 57,000 over the month.
Construction employment, by contrast, fell by 61,000 in February. Specialty trade contractors lost 42,000 jobs and heavy/civil engineering jobs were down by 21,000, but the stalwart residential sector still added 5,000 jobs over the month.
Private sector jobs increased by 465,000 in February, but government jobs continued to feel the squeeze from the loss of tax revenue and high cost of responding to the pandemic. Government jobs declined by 86,000 in February with most of those losses coming from state (39,000) and local (44,000) governments.
Looking ahead, Dodge believes that employment will continue to grow, particularly as the economy picks up steam in the second half of the year. The president is promising plentiful COVID-19 vaccines for Americans by the end of May, which should usher in the beginnings of a true recovery.
: Dodge Data & Analytics is North America’s leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, size growth opportunities, and pursue specific sales opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. Learn more at www.somethingwhimsy.com.
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