Tuesday, August 28, 2007

Reuters: Construction Job Losses May Top 1 Million

A report from Reuters warns that if the housing crisis tips the economy into recession, as many as 1 million jobs in construction may be lost, based on historical performance.

The report notes that 75,000 jobs have been lost to date from the 7.7 milion employed by the sector in September of last year. That's an unemployment rate for construction of 5.9%, compared to 4.6% for the economy overall.

No comments: