Friday, June 12th, 2009
NEW EMPLOYMENT FIGURES SHOW 59,000 CONSTRUCTION WORKERS OUT OF A JOB IN MAY, 2009, OVER 1.4 MILLION
Unemployment in the construction sector climbed to 19.2% (not-seasonally adjusted) as an additional 59,000 construction workers lost their jobs in May according to new federal data.
Ken Simonson, chief economist for the Associated General Contractors of America (AGC) says that construction employment has declined by 990,000 jobs, or 14%, in the past year while overall nonfarm employment has declined by 4%. “Construction continues to bear a disproportionate share of the pain from the recession,” Simonson. “Simply put, the unemployment rate for construction in May was horrendous.”
Simonson said that the construction employment figures would likely have been worse if not for the stimulus. For example, Coos Bay, Oregon-based Laskey Clifton was able to put 24 employees on its payroll because of a stimulus-funded highway contract.
“The stimulus is doing its job putting men and women back to work,” said Simonson. “It is boosting opportunity and generating economic activity in an increasingly broad geographic area.”
Click Here to listen to the original conference call hosted by Ken Simonson.