U.S. Construction Lost 20,000 Jobs in November

Fiscal cliff blamed for market chilling effect.

The U.S. construction industry’s lost 20,000 jobs in November, while the industry’s unemployment rate hit 12.2 percent, according to an analysis of new federal data released Dec. 7 by the Associated General Contractors of America.

The report suggests that the construction employment figures likely reflect the fact many contractors have already cut staff and delayed hiring new employees because of the threat of the “fiscal cliff.”

“It is discouraging that construction employment is still struggling after more three years of expansion in the overall economy,” Ken Simonson, the association’s chief economist said in a news release. “As disappointing as these numbers are, they will only get worse if Congress and the White House allow huge tax increases and spending cuts to occur on January 1.”

Click here to read the entire article from the New Mexico Business Weekly.

Click here to read the AGC release.