AGC recently released the results of a survey that measured the impact of stimulus funds on construction companies' ability to expand payrolls. The survey found that stimulus construction funds have had little impact to date on companies' ability to hire new employees, but have helped companies save existing jobs.
On August 3, AGC CEO Steve Sandherr appeared on Fox Business to discuss the results of the stimulus survey. Watch the video here. Sandherr has also contacted 27 federal agency heads concerning the pace that Recovery Act dollars are flowing through the agencies and into contracts available for bid.
Read AGC's press release here and the survey results here. You can also view AGC's analysis and listen to the conference call during which the results were announced. The survey results news has been widely covered by outlets such as Reuters, Commercial Building Products Magazine, Christian Science Monitor and The Washington Post.
More than one million construction workers lost their jobs over the last twelve months, according to employment numbers released August 7 by the Bureau of Labor Statistics. Currently, 18.2 percent of construction workers are unemployed, nearly double the 9.7 percent overall unemployment rate, or 9.4 percent seasonally adjusted. Sandherr stressed that the economic stimulus has helped prevent greater job losses, but that it is apparent that the construction industry is suffering from a low demand for commercial facilities, dwindling orders for new office buildings, declining state and local revenue and the current economic conditions as a whole, including tight credit markets.
Construction employment declined in all but 19 communities nationwide this June as compared to June-2008, according to an analysis of metropolitan-area employment data released in late July by AGC. The analysis, which ranks the 12-month construction employment change reported by the Bureau of Labor Statistics for 352 metro areas, shows that few places in America have been spared the widespread downturn in construction employment over the past year. Read AGC's press release here and view the city-by-city data here. Sandherr has noted that the job figures clearly point towards the need for continued investment in the construction industry.
Various news outlets have picked up AGC's analysis, including the Wall Street Journal, Reuters, Atlanta Business Chronicle and Denver Business Journal.
A recording of the July 23 Market Insights Series webinar, which offered the most up-to-date information on current and forecasted construction activity, is available here. Presented by AGC of America, Reed Construction Data and the American Institute of Architects (AIA), the webinar attracted more than 5,000 registrants and focused on the key factors affecting the recovery of the construction industry. The free webcast was sponsored by GPDens.com and delivered by AGC's chief economist Ken Simonson, Jim Haughey of Reed Construction Data and Kermit Baker of AIA.
For the most current construction industry economic analysis, subscribe to Ken Simonson's weekly newsletter, Data DIGest. Visit www.agc.org/stimulus for the latest information on the policy changes, new rules and regulations associated with the stimulus, programs receiving funding, tax incentives and the impact of job creation as a direct result of stimulus project awards.
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