ForConstructionPros.com

Construction Equipment Rental News Article

   

Construction Equipment Rental News

Updated: October 15th, 2009 04:16 PM GMT-05:00

Construction Unemployment Rises to 17.1 Percent

Targeted News Service Targeted News Service

The Associated General Contractors issued the following news release:

The national unemployment rate for the construction industry rose to 17.1 percent as another 64,000 construction workers lost their jobs in September, according to an analysis of new employment data released today. With 80 percent of layoffs occurring in nonresidential construction, Ken Simonson, chief economist for the Associated General Contractors of America, said the decline in nonresidential construction has eclipsed housing's problems.

"The housing industry may be stabilizing, but the broader construction crisis is only getting worse," Simonson said. "While the stimulus is helping slow the decline, it's clearly far from enough to reverse sweeping industry-wide layoffs on its own."

Simonson said the new September employment data assembled by the Bureau of Labor Statistics showed 50,800 layoffs in the nonresidential construction sector this September, while there were 13,300 fewer workers in the residential construction sector during the same period. He added that over the last year, 649,800 nonresidential construction workers were laid off while 443,000 residential workers lost their jobs.

He added that since December 2007, residential and nonresidential construction employment shrank by 1.5 million. In other words, one out of every five people working in construction in 2007 has lost their job, Simonson added.

1 2 next
E-mail This StoryE-mail Article Print This StoryPrinter Friendly


Submit a Comment

Name: *
Subject:
Location:
  (display Email: )
 
 
Enter the characters you see in the image:
 
 
 
   
* = required
(comments will appear after this article, as well as on our Readers Respond Page)