The nation’s construction unemployment rate fell to 9.8% in June with the addition of 13,000 jobs according to the Department of Labor. The industry has added 100,000 jobs in the past year, which is a 3.4% increase. Across all industries, the nation added 195,000 jobs as the private sector added 202,000 jobs and public sector shrunk by 7,000. According to the Associated Builders and Contractors Chief Economist, Anirban Basu, this is positive news for the nation’s construction industry. It seems that the wealth effect of rising equity and home prices is dominating this recovery. It seems to be even stronger than the resistance caused by rising interest rates. Basu predicts that the volume of work for lodging and shopping center construction will continue to climb. But, the expansion is expected to be a slow one. The expansion can hardly grow faster than wages and salaries, and those are inching up ever so slowly.
The Nation’s Construction Industry Unemployment Rate Fell to its Lowest Level Since 2007!
By Cheryl Foley|
2013-08-12T12:41:09+00:00
August 12th, 2013|Surety Blog|Comments Off on The Nation’s Construction Industry Unemployment Rate Fell to its Lowest Level Since 2007!