Construction’s unemployment rate soared to 25% in January, up from 18% the previous year, 11% in 2008 and 9% in 2007, according to the U.S. Bureau of Labor Statistics. The unemployment rate represents more than 2.19 million construction workers who have been laid off. On the flip side of the coin, the construction industry employed 5.63 million workers in January, down from 6.55 million during the same month a year ago and 7.47 million in 2008. In January, the residential construction market employed 561,000 workers, down 17% from a year ago and down 42% from 2006’s peak employment. Source: U.S.
The growing need to collect, store and analyze the huge volumes of data collected from infrastructure project stakeholders is generating a new growth area for construction-sector firms, IT vendors and professionals.