Of the 8.8 million jobs lost in the U.S. economy, a whopping 2.2 million were in construction. Most of those jobs have yet to come back.
Some construction firms expect to hire more workers in 2013, but don’t call it a comeback just yet.
About 31% of construction companies plan to hire workers this year, while only 9% of firms plan to cut jobs. The others either expect to keep their staff levels the same, or aren’t sure of their hiring plans yet, according to a survey by the Associated General Contractors of America.
While the industry is still far from a hiring boom, it marks some improvement over a year earlier when 31% of firms planned to cut employees, nearly canceling out the 37% that planned to hire.
“2013 should be a good year, but not a great year for most construction firms,” said Ken Simonson, chief economist for the Associated General Contractors of America.
Choosen excerpts by Job Market Monitor from
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World economic growth has weakened substantially this year and faces the confluence of a triple threat — the fiscal cliff in the United States, a worsening European debt crisis and a sharp slowdown in China, the United Nations said in a year-end report released on Tuesday. The worst case, the report said, could be a … Continue reading »
Each month, The Hamilton Project examines the “jobs gap,” which is the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while absorbing the people who enter the labor force each month. As of September, our nation faces a gap of 11.1 million jobs, but the … Continue reading »
We face a 9 million jobs gap between the number of jobs we have and the number we need, and this doesn’t even address the low quality of the jobs being created. The chart below, taken from an Economic Policy Institute blog post, illustrates the gap. As Heidi Shierholz, the author of the post, explains: The … Continue reading »