Jobs in Construction Drop By 61k in February – Real Estate Investing Today

AGC logoAccording to recent data from the Associated General Contractors of America, construction employment decreased by 61k jobs in February, with the sector’s unemployment rate soaring to 9.6% amid severe winter weather and continuing weakness in new nonresidential projects.  However, residential construction employment (comprising residential building and specialty trade contractors) dropped only by 200 jobs in February with the sector’s employment remaining slightly higher than a year ago.  Indeed…

“The steep decline in construction employment in February continues a downward trend in nonresidential activity that began before the disruptions caused by last month’s freezes and power losses,” said Ken Simonson, the association’s chief economist. “Despite recovery in some parts of the economy, private nonresidential construction is still experiencing many canceled and postponed projects and few new starts.”

Click here to read the full report at the Associated General Contractors.