Construction employment declines by 16,000 in December; industry's unemployment rate hits 20.7 percent
Employment in construction declined by 16,000 during the month of December 2010 as the industry's unemployment rate hit 20.7 percent, according to analysis of federal employment figures released Jan. 10 by the Associated General Contractors of America. Even as the industry continues to suffer from weak private sector demand, the benefits of the temporary stimulus program appear to be winding down, association officials noted.
"At this point, it doesn't look like there's anything to replace the temporary help that the stimulus has been providing for the construction industry," said Ken Simonson, chief economist, AGC. "Today's figures offer yet another reminder that the construction industry remains, and is likely to remain, the hardest-hit industry in the economy," he said in a Jan. 7 AGC of America report.