Construction spending tumbled in February by $11.6 billion, or 1.3 percent, to $846 billion, a low last recorded in 2002, according to ÎÚÑ»´«Ã½'s analysis of new federal figures. Declines occurred relative to both the month before and February 2009 in most categories of private residential and nonresidential construction, as well as public construction, ÎÚÑ»´«Ã½'s chief economist Ken Simonson noted.
Construction spending in January fell by $5.5 billion to $884 billion, its lowest level since June 2003, according to ÎÚÑ»´«Ã½'s analysis of new federal figures. Declining investments in private-sector non-residential construction and public construction at all levels of government drove the decline, ÎÚÑ»´«Ã½'s chief economist Ken Simonson said.
Overall U.S. job growth continued to be undermined by the severe downturn affecting the construction industry as another 75,000 construction workers lost their jobs in January 2010 and the industry's unemployment rate jumped to 24.7 percent, according to federal employment figures released Friday. Excluding construction job losses, nonfarm payroll employment actually rose for the second time in three months, ÎÚÑ»´«Ã½ said.
ÎÚÑ»´«Ã½'s Ken Simonson talked to CNBC News about what's in store for the economy, including the construction industry, in 2010. Simonson discussed the results of a National Association for Business Economics survey. Watch the video here.
For the first time since the start of the economic downturn, every state and the District of Columbia reported losing construction jobs over the past twelve months, according to ÎÚÑ»´«Ã½'s analysis of state-by-state employment data released Friday. The analysis found few signs of a construction industry recovery with only six states reporting construction job increases between November and December 2009.
ÎÚÑ»´«Ã½'s chief economist urged owners to take advantage of low materials prices and contractors anxious for work, as a recent survey of ÎÚÑ»´«Ã½ members and analysis of the producer price index showed the "sale" may soon come to an end.
Ken Simonson, ÎÚÑ»´«Ã½'s chief economist, issued a statement yesterday in response to an Associated Press story that looked at the impact of stimulus-funded highway projects on overall construction employment.
Construction employment declined in 324 out of 337 metropolitan areas over the past year as spending on construction projects dropped by over $137 billion in November to a 6-year low of $900 billion, according to ÎÚÑ»´«Ã½'s analysis of federal figures released Monday.
ÎÚÑ»´«Ã½ found that while construction employment increased in 26 states this November during a period of warm, dry weather, every state but North Dakota saw a decrease over the past 12 months. Employment data was released today by the Bureau of Labor Statistics, but ÎÚÑ»´«Ã½ says it is too early to know if a trend is emerging.
All but 12 communities nationwide saw declines in construction employment between September 2008 and 2009, according to a new analysis of metropolitan area employment data from the Bureau of Labor Statistics released today by ÎÚÑ»´«Ã½. That analysis found more construction jobs were lost in Phoenix, AZ (35,100) than in any other city in America.