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Economists: Construction Joblessness at 21%

NEW YORK CITY-Despite stimulus cushioning, a McGraw-Hill report says construction starts are expected to be 14% less than last year.

By Cody Lyon | Updated on April 07, 2009

NEW YORK CITY-The nation’s construction industry is seeing unemployment figures approach 21% as the economic drought continues to stall new real estate development across the country. Putting the potential magnitude into more local perspective, in New York City, the construction industry employs 123,000 with average payrolls at $14 billion–second only behind health care according to the NY Building Congress.

Nationwide, the job losses are a reflection of steep declines in an industry that saw $548.1 billion in construction starts or 14% fewer than 2008 according to information from McGraw Hill Construction’s “Outlook ’09, Spring Update” report.

Written by Robert Murray, McGraw Hill’s vice president of economic affairs, the report says new construction starts for 2009 are estimated at $463.1 billion, down 15%. Murray and other experts say the decline and job losses would have likely grown worse had the industry not been cushioned by a $130 billion-boost from the American Recovery and Reinvestment now headed towards various construction related projects including infrastructure.

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