The AGC or the Associate General Contractors of America has announced that the construction industry employment in the United States is at a 14-year low yesterday. AGC also reported that the construction industry had dropped almost 21,000 jobs for the month of September 2010 alone, and the industry shed over 210,000 jobs for the last 12 months.
According to a statement from AGC, the construction industry is still suffering from waning investments in the industry, especially the improbability of many government infrastructure projects and tax rates.
The unemployment rate for the construction industry rests at 17.2 per cent, compared to the whole U.S. unemployment rate of 9.6 per cent.
According to AGC, the Specialty contractors who are working on a non-residential construction projects had lost 19,500 jobs for the month of September. Residential contractors had lost 1,100 jobs for the same month, while the civil engineering and heavy firms lost 200 jobs—still for the month of September 2010.
According to an economist from Associated Builders and Contractors, the overall September jobs data in the US remains in recovery but not enough to take the country out of recession.
This news is not new to most parts of the world. In Dubai, funds for construction projects in the country are still suspended until the worldwide economy perks-up.
In the United Kingdom, Ulster Bank has released a data showing that the business activity in the country is down for the last 10 straight months.
Latin America and Australia’s infrastructure and construction industry, however, continues to improve.