"What we're seeing is a burst in construction jobs, because we're seeing [a] record number of factories [under] construction," Bessent claimed, before offering some anecdotes about new factories being built in South Carolina. The federal government's data do not show this "burst" in construction jobs. In fact, quite the opposite: Construction jobs declined by 11,000 in December, the most recent month for which Bureau of Labor Statistics data are available, and grew by just 0.2 percent during 2025 as a whole. For one, we are enjoying a period of low oil prices globally. It also seems important to note that gasoline and other oil products are exempt from the Trump administration's tariffs.