Construction employment dropped by 16,000 in December, bringing the industry unemployment rate to 20.7-percent, according to a report by the Associated General Contractors of America.
The AGC said weak private sector demand coupled with the winding-down of stimulus programs continues to weigh on the industry.
“At this point, it doesn’t look like there’s anything to replace the temporary help that the stimulus has been providing for the construction industry,” said Chief Economist Ken Simonson in a prepared statement. “Today’s figures offer yet another reminder that the construction industry remains, and is likely to remain, the hardest-hit industry in the economy.”
The construction industry has shed over 2 million jobs since the industry peaked in late 2006. The AGC said there about 5.6 million construction workers in the country today.