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Construction unemployment tops 20-percent

Wed, Jan 12, 2011

News

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.

1 Comments For This Post

  1. Jeff Says:

    I simply do not fully understand how job opportunities can be created when numerous United States companies are spending their money in China. Consider General Electric for instance. Their recent project to build jet engines for China can lead to them handing over their blueprints for their engines. Another organization, Yum Brands, is getting over 50% of their revenue from outside the United States. Until trade agreements are modified, more job losses is predictable.