In the midst of recent news coverage of the overall U.S. unemployment falling to 8.8% (a two year low), the construction industry still struggles with the highest unemployment of any industry, at 20% in March.
1,000 Jobs Lost in March: While construction unemployment is down from 21.8% in February and 24.9% a year ago, the industry lost a seasonally adjusted 1,000 jobs during March. Those losses were due to a decrease of 8,000 jobs in residential specialty trades, which was offset by moderate gains in the other four construction sub-sectors tracked by the Bureau of Labor Statistics:
Cautious Outlook: While noting positive indicators for the economy as a whole, Associated Builders and Contractors Chief Economist Anirban Basu was cautious about the outlook for the construction industry, saying:
"Unfortunately, the recovery in nonresidential construction has scarcely begun. Specialty trade contractors continue to hemorrhage jobs in large numbers, indicating that the capacity to supply construction services continues to exceed demand."
More Information:
- Associated Builders and Contractors Construction Economic Update for March
- Associated General Contractors of America press release on construction employment and economic outlook
- Bureau of Labor Statistics employees by industry sector through March
- Bureau of Labor Statistics unemployment information by industry, March 2010 vs. March 2011
Mike Purdy's Public Contracting Blog© 2011 by Michael E. Purdy Associates, LLChttp://PublicContracting.blogspot.com
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