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Wage Rise Not Affecting Development

WASHINGTON, DC-Construction employment sets a record for the 15th straight month, but area real estate developers do not foresee a significant impact on project costs.

By Erika Morphy | Updated on May 10, 2006

WASHINGTON, DC-Construction employment continues to set records. The monthly Bureau of Labor Statistics report shows that seasonally adjusted payroll employment in construction reached 7.51 million in April, a gain of 267,000, or 3.7%, from a year ago. That’s a record for the 15th straight month.

Ken Simonson, chief economist of the Associated General Contractors of America in Arlington, VA, says that it is safe to extrapolate that the numbers for the Washington, DC area, when they are released on May 19, will reflect similar growth and will likely exceed the national average. He points to March’s year-on-year growth statistics for the area, which showed an increase of 4.9% over March 2005.

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