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Jobs report shows quick action needed to revive construction

Post Time:Nov 12,2013Classify:Industry NewsView:40

The drop in construction employment accelerated in September and will get much worse unless credit markets reopen, said Ken Simonson, chief economist,The Associated General Contractors of America, Arlington, Va., in a Oct. 3 release. His commentfollowed a Bureau of Labor Statistics report that showed construction lost 35,000 jobs last month. “State governments from California to Maine have been shut out of the bond market, while developers have had bank credit windows slammed shut on their fingers as they reached for their loans.

“All types of construction shed workers in September, following an uptick in nonresidential hiring in August,” Simonson said, in the release. “Another ominous sign is that architectural and engineering services employment—a harbinger of demand for future construction—rose until recently but stalled this summer and fell in September.

Source: http://www.glassmagazine.com/news-item/commercial/jobs-report-shows-quick-action-needed-revive-constructionAuthor:

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