Construction unemployment rate hits 27.1 percent

The construction unemployment rate jumped to 27.1 percent and construction employment dropped to a 14-year low as another 64,000 construction workers lost jobs in February, according to federal employment figures released today. The economy would have added jobs for the third time in four months had it not been for the declines in construction employment, the Associated General Contractors of America noted.

"While the broader economy may be recovering, the construction industry continues to decline at an alarming rate," said Ken Simonson, the association's chief economist. "If these trends don't change soon, millions of American families will continue to suffer," according to a March 5 AGC of America release.

Read full article