While many may have loved the unseasonably warm winter we have had thus far in 2012, perhaps none loved it more than those in the construction industry. 21,000 new jobs were added in January alone, raising employment to a new two-year high, according to analysis of new federal employment data released by the Associated General Contractors of America.
Still, some are erring on the side of caution.
“Although it’s great news that the industry has added 52,000 jobs in the past two months, the unemployment rate in construction is still double that of the overall economy, and construction employment remains at 1996 levels,” said Ken Simonson, the association’s chief economist. “It will take another month or two to see if the recent job growth reflects a sustained pickup or merely acceleration of homebuilding and highway projects that normally halt when the ground freezes in December and January.”
While construction employment is 11 percent above last January (2011), it is still 28 percent below its peak level of 7,726,000 in April 2006.
Important Construction Employment Statistics
• The industry’s unemployment rate in January was 17.7 percent (not seasonally adjusted), down from 22.5 percent in 2011.
• The unemployment rate was still double the all-industry rate of 8.8 percent.
• Heavy and civil engineering construction employment grew by 2.6 percent or 21,000 jobs from January 2011 to last month.
•Nonresidential building and specialty trade contractors increased employment by 2.0 percent (17,000 jobs).
•Employment among residential building and specialty trade contractors rose by 2.1 percent (41,000 jobs).
If you have any questions about the Construction Industry or if you have a construction project that you need completed right the first time, please contact Reliable Contracting by calling 410-987-0313 or visit our website.
Reliable Contracting maintains a reputation as a leader in the construction industry. Our clientele includes builders, developers, individuals and government agencies. With projects ranging in cost from $10,000 to over $10 million, Reliable can be seen working on Maryland’s roads, highways, airports, office parks, shopping centers, hospitals, churches, and residential neighborhoods earning our reputation by providing clients with consistent quality and dedication to their projects.
Reliable Contracting Company serves the following and surrounding Counties: Annapolis, Queen Anne’s, Anne Arundel, Baltimore, Baltimore City, Calvert, Caroline, Charles, Howard, Prince George, St. Mary’s, Talbot, and Washington D.C.