The deepening economic recession is taking a tremendous toll on construction workers. In May, construction’s unemployment rate jumped to 19.2%, more than double last year’s 8.6% rate, according to the Bureau of Labor Statistics. The latest unemployment rate represents 1.77 million construction workers who are out of work. In May, total construction employment was 6.3 million, down from 7.3 million a year ago. Source: Bureau Of Labor Statistics. Unemployment Rate For May. Construction Unemployment
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.