Construction Employment Still in Trouble
According to an Associated General Contractors of America (AGC) press release, “Construction employment declines in 164 out of 337 metro areas between August 2011 & 2012 as ‘fiscal cliff’ dampens demand for projects.”
The press release which was posted following the publication of the job numbers revealed in October stated that the market was also stagnant in another 43 metropolitan areas. This comes in light of the addition of 5,000 jobs in the construction industry between August and September.
Residential and some commercial work has bolstered the job numbers in the private sector, but the lack of work in the public sector and the looming uncertainty about the economy and the elections has again shelved a number of projects. The AGC’s chief executive officer, Stephen E. Sandherr, had some strong words about Congress and the administration’s hesitation to set specific tax and budget numbers for next year:
“Even more construction workers are at risk of losing their jobs because our elected officials in Washington aren't doing theirs. Setting tax rates and prioritizing federal investments may not be easy, but it ought to be far more preferable than letting our economy languish from uncertainty and inaction.”
Makes us wonder whether the numbers will improve after the election next week. What do you think?