Construction + Economy

Time Magazine: Will Construction Workers Survive?

Craig DiLouie February 7, 2010

According to the latest numbers from the Commerce Department, total employment for production workers in the construction industry was 3,909,000 in January 2010 (preliminary estimate and subject to adjustment), 15.7% lower than 4,639,000 workers in January 2009 and a 10-year low. The most recent peak was 6,236,000 in August 2006: The January 2010 figure represents a 25.6% decline in employment (some of which of course is seasonal). In other words, one of four construction workers employed in August 2006 are no longer working in this industry.

Time Magazine has a new story about how the construction industry has suffered disproportionately to other industries. “No industry has taken it more on the chin than construction,” writes Kevin O’Leary. “Nationally, unemployment fell to 9.7% in January, but in construction it jumped to 24.7% from 18.7% in October.”

Read the article here.

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