The unemployment rate in the construction industry rose to 17.3 percent for October 2010 from September’s 17.2 percent. The report is according from the Labor Department on November 5, and the figures are down slightly from last year’s 18.7 percent for the same period. Even if 5,000 jobs are gained for the construction industry in October, a total of 122,000 or 2.1 per cent are lost for the last 12 months.
For the non-residential construction industry, a total of 1,800 jobs are lost for the month of September and October. However, the non-residential construction fared slightly compared to the residential construction, which lost about 5,800 jobs for the same period.
About 7,300 jobs are added for non-residential specialty construction, which represent fifth straight monthly increase, while the Heavy and civil engineering construction added about 4,800 jobs in October.
Stephen E. Sandherr, the Associated General Contractors of America said that despite the important help from stimulus like the BRAC program, the construction industry employment continues to delay, following the private sector.
Sandherr also said that the figures indicate that the country’s economy still needs time to grow before demand for new retail centers, manufacturing facilities, and office buildings returns.
The construction industry unemployment data is dependable with construction spending statistics that was released in advance this week, which showed an increase in public construction spending, while in private-sector construction, offsetting is persistently declines.
And also, the temporary base realignment efforts and stimulus from the federal government helps to drive demand for construction jobs, especially for the heavy & civil engineering and specialty construction industry.