Construction Employment Declines by 20,000 Jobs in November

Construction employment declined by 20,000 jobs in November while the industry's unemployment rate hit 12.2 percent, according to an analysis of new federal data released today by AGC. The construction employment figures likely reflect the fact many contractors have already cut staff and delayed hiring new employees because of the threat of the “fiscal cliff,” according to results of a survey of member firms the association also released today. “It is discouraging that construction employment is still struggling after more three years of expansion in the overall economy,” said Ken Simonson, the association's chief economist. “As disappointing as these numbers are, they will only get worse if Congress and the White House allow huge tax increases and spending cuts to occur on January 1.” Read the full press release here.