Source: St. Louis Business Journal
The Chief Economist for the Associated General Contractors of America, Ken Simonson, has looked at statistics from the United States Bureau of Labor and Statistics and says that construction jobs have been growing during the past year. Despite the housing market crumble, nonresidential construction jobs have increased by nearly 42,000 jobs this year according to statistics. The nonresidential construction sector is boosting the economy despite heavy losses and declines in the housing sector.
Despite an overall decrease of 40,000 in construction jobs during the month of September were down, nonresidential building, specialty construction jobs, and civil engineering have grown by almost 1% or roughly 42,000 jobs over the year. Many predict that the commercial market will slow in 2008 and this growth could taper off and even decline.
Simonson said that he expects reductions and declines soon in several sectors. Office, retail and hotel construction will slow he predicts. However, Simonson says he sees other sectors experiencing growth such as energy, power, and hospital sectors.
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