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Gains in May Reflect Temporary Support from Paycheck Protection Program Loans and Easing of Construction Restrictions, But Hobbled Economy and Tight State and Local Budgets Risk Future Job Losses
Construction employment rebounded by 464,000 jobs in May, but the total remained 596,000 below the latest peak in February and the industry’s 12.7 percent unemployment rate was the highest for May since 2012, according to an analysis by the Associated General Contractors of America of government data released today.
Association Survey Conducted This Week Suggests Industry’s Job Losses are Spreading Rapidly; Officials Call for Additional Federal Measures to Help Avoid Further Layoffs and Economic Pain
The fast-worsening COVID-19 pandemic has triggered layoffs at more than a quarter of construction firms responding to an online survey released today by the Associated General Contractors of America.
“The risk of recession over the next three to six months is arguably more elevated than at any period since 2007,” said economist Anirban Basu, noting that the U.S. economy has been defying predictions in an extended period of growth that's seemed too good to be true for some time.
Mild Weather in Many Parts of the Country May Have Boosted Monthly Results; Construction Officials Caution that the Coronavirus May Impact Deliveries of Materials Manufactured in Hard-Hit Countries
Construction spending in January increased 1.8 percent to $1.369 trillion from December and 6.8 percent from January 2019 as all major segments logged gains, according to a new analysis of federal data released today by the Associated General Contractors of America.
Workers are so scarce that, in many parts of the country, low-skill jobs are being handed out to pretty much anyone willing to take them and high-skilled workers are in even shorter supply.
The coming year promises a robust business operating environment, with a growing economy. But economists are starting to see early signs of an eventual correction.
Workforce Opportunity Services (WOS)—a non-profit organization connecting individuals from underserved populations with transformative career opportunities— announced the expansion of its engagement with Turner Construction Company.
Intercorp has received a Product Control Notice of Acceptance (No. 15-0930.14) from the Miami-Dade Department of Regulatory and Economic Resources, certifying that our Strongcon products meet Miami-Dade requirements.
ConstructConnect, a provider of construction information and technology solutions in North America, announced the release of its Spring 2018 Forecast Quarterly Report. From 2019 through 2022, the total construction starts forecast remains unchanged with an almost 5.0 percent average annual rise.
