Construction Employment Sees Largest Drop in Two Years

Construction Employment Sees Largest Drop in Two Years Construction employment fell in May by 28,000, the largest decline in two years, and is now at the lowest level since last August, according to an analysis of new federal data released by the Associated General Contractors of America. "Getting a highway and transit bill passed would certainly help counter any possible backslide in construction employment," said Stephen E. 4 percent monthly decline in public construction activity and a 3. Meanwhile, construction spending in April increased by 0. 3 percent. "With construction employment shrinking for the fourth month in a row, the industry is clearly having a difficult start to the year," said Ken Simonson, the association's chief economist. 2 percent for the month and 12. 3 percent) than in May 2011, the economist said. He added that overall construction employment is still far below its peak level of 7,726,000 in April 2006. 8 percent compared with April 2011, and is now at an annualized rate of $820. Private sector demand for construction expanded by 1. 7 billion. Residential construction lost 11,000 total jobs as the residential specialty trade contractors shed 10,000 jobs, and residential builders lost 1,000 positions in May. Association officials said the new construction employment and spending figures underscore the need for quick Congressional action on a number of long-term infrastructure measures, including reauthorizing clean water and surface transportation programs. The nonresidential construction sector lost 17,400 construction jobs in May, Simonson noted. Nonresidential building contractors added 1,500 for the month. 2 percent, nearly double the national average. 5 percent year-over-year, but overall growth was held back by a 1. Meanwhile the industry's unemployment rate is at 14. Construction Employment Sees Largest Drop in Two Years Trade News selected by Local Linkup on 05/06/2012