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Construction drags U.S. employment figures as 75,000 in industry lose jobs

Post Time:Feb 05,2010Classify:Industry NewsView:120

Overall U.S. job growth continued to be undermined by the severe downturn affecting the construction industry as another 75,000 construction workers lost their jobs in January 2010 and the industry's unemployment rate jumped to 24.7 percent, according to federal employment figures released today [Feb. 5]. Excluding construction job losses, nonfarm payroll employment actually rose for the second time in three months, the Associated General Contractors of America noted.

"Unlike the rest of the economy, the construction industry continues to shed jobs at virtually the same rate in January as it has for the past twelve months," said Ken Simonson, the association's chief economist. "The stimulus appears to be the only bright spot for an industry suffering from depression-era unemployment levels," according to a Feb. 5 AGC of America release.

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