✖ Construction Reporter

Show Password Forgot Password?

Not a Member? Start a free-trial today!
Construction Reporter
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy

construction industry pandemic job losses pale compared to other industries, says new report

10/12/2020

0 Comments

 
Picture
Job losses as a result of the pandemic economic shutdown have been overwhelmingly confined to the nation’s service industries, according to a new report released by the U.S. Chamber of Commerce.

The report, Latest Job Market Data Shows the Uneven Impacts of a K-Shaped Recovery on US Industries, reveals that in terms of the number of jobs lost this year, just 3.7% were in the construction industry.

That number compares favorably with the 10.8% lost in the goods-producing industry, 11.9% in the trade, transportation, and utilities sector, and a gigantic 35.8% within the leisure and hospitality industry.

Increasingly, economists are looking at the late 2020 recovery as one that it K-shaped, in the sense that some industries, on the top part of the K, are doing better, while those on the bottom part of the K continue to struggle.

According to Curtis Dubay, a senior economist with the Chamber, goods-producing industries have overall lost “about 6% of their workforce since February, mining and logging is down almost 14%.”

Much deeper job losses have seen in the motion picture and sound recording industry, which is now down by a massive 50%, the performing arts and spectator sports sector, off by 46%, and the scenic sightseeing transportation field, with a 43% job loss.

Within the construction industry, the job losses have been the greatest, at 8.1%, in the heavy and civil engineering sector; followed by nonresidential specialty trade contractors, with a 7.1% decline; and the nonresidential building sector at 6.7%.

Construction job losses were the most minimal in the residential specialty trade contractors sector at 3.1%; and residential building, at 2.5%.

Dubay posits that the ongoing presence of the K-shaped recovery is going to require Congress to “craft a targeted relief package in its phase four bill.”
​
That legislation, continued Dubay, “will need to aid those industries at the bottom of the K, because these industries are likely to lag behind as long as the pandemic persists.”

​By Garry Boulard

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Get stories like these right to your inbox.
    ​Sign up for our newsletter

    Subscribe

    Archives

    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All

AFFILIATES

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
HOME
PLANS & PRICING
FREE TRIAL
MAGAZINE​
BECOME A MEMBER
PRINTING SERVICES
FAQS
CONTACT
​ABOUT

TIMELY, RELIABLE NEWS SINCE 1949 ​Construction Reporter
​
4901 Mcleod Rd NE STE 200A
Albuquerque NM 87109


​Phone: (505)-243-9793
Toll Free: (877)-292-5793
​Fax: (505)-242-4758

Copyright © 2022 Construction Reporter
User Agreement   Privacy Policy   Archive Policy
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy