Employment in the construction industry is still down 2.2 Million from its peak back in 2006.
There doesn't appear to be any real bounce yet despite the 25% pick up in Housing Starts in 2012 versus 2011 - so Construction Employment is still a huge drag on the recovery.
To a large degree, I think the economy is returning to full cyclical employment faster than the Federal Reserve (and most market observers) believes. A faster return to full cyclical employment would have profound effects on the future path of inflation and interest rates that is not currently factored into market expectations. Additionally, as the structural head winds in the Housing Sector fade in 2013/2014, unexpectedly large gains in employment and output could result.