Dive Brief:

• Construction companies created 12,000 new jobs in October and sent the industry’s unemployment rate to its lowest level since 2006, according to a report released Thursday by the Associated General Contractors of America.

• Homebuilders and trade contractors added 8,000 employees, while nonresidential contractor jobs grew by 3,600 employees.

• Hourly wages in the construction sector grew 2.6% since October 2013, the fastest rate since early 2010, the report said.

Dive Insight:

For the past few months, the construction industry has added jobs at a rate double that of all industries combined. That would be better news if employers could find skilled workers to fill them.

In fact, rising wages and weekly hours are a sign that contractors will have even more trouble finding qualified employees. In another survey by the association, 83% of its members said they were struggling to hire craft workers and 61% couldn’t recruit enough construction professionals.

The newly created jobs, noted the association’s CEO, Stephen E. Sandherr, “are in jeopardy unless schools, colleges, and training programs can refill a pool of talent that is rapidly drying up."