Construction’s unemployment rate jumped from 17.4% in June to 18.2% in July, according to the U.S. Bureau of Labor Statistics. The July rate was 10% above a year ago and well above the average July unemployment rate of 6% between 2004 and 2007. July’s unemployment rate represents 1.687 million blue-collar and white-collar workers who are out of work. SOURCE: U.S. Bureau of Labor Statistics. Construction unemployment rate for July
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.