Nov. 7, 2008 at 10:11am
The nation's nonresidential building construction job market declined for the second month, losing 4,100 jobs in October, according to the employment report released by the U.S. Labor Department.
"Any observer who was unconvinced that the U.S. economy has entered a period of recession will undoubtedly be persuaded by the October job numbers, which fell well short of already lowered expectations," said Anirban Basu, Associated Builders and Contractors Chief Economist. "The national economy is now feeling the full force of the financial crisis that peaked in September, and is now causing collateral damage in every region of the nation and in virtually every industry."
Employment in nonresidential construction now stands at 769,200. Since this time last year, nonresidential building construction has lost 38,200 jobs, or 4.7 percent. Meanwhile, the residential building construction job market continues to post larger declines with 8,100 jobs lost in October, and 118,800 jobs, or 12.4 percent, lost since October of last year.
Total private construction employment, which includes specialty trade contractors, and accounts for 7 million jobs nationally, fell by 49,000 jobs in October and is down by 508,000 jobs since 2007, a 6.7 percent decline. The last time the nation lost this many construction jobs on a year-over-year basis was July 1991, when job losses stood at 522,000 and the economy was operating at recessionary levels.
"Until a new regulatory environment is established, and until confidence is restored in the overall economy, financiers will stay on the sidelines further dampening economic performance," said Basu. "The balance of 2008 will represent a period weaker than any experienced in decades, and 2009 does not look any better."
Posted in BE Daily, Building, Law and Legislation by Steve Dunkelberger | Email Steve
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