Residential Construction Jobs
In the United States lost construction jobs in October pushed the unemployment rate in the industry up to 18.7 per cent nationwide. Over 62,000 construction jobs were lost in that month (according to U.S. Bureau of Labor Statistics) and a CEO of the contractors association stated that it is the workers who are being forced to shoulder a withering burden.
Another statement made public by the Associated General Contractors of America said: "The figures show that additional measures to stimulate construction demand like the recently passed extension of the home buyers' tax credit and expansion of carry back for net operating losses are needed".
The AGCA's chief executive, Stephen Sandherr, stated: "The nation's economic troubles are forcing construction workers to shoulder a withering burden. Helpful as the stimulus has been in saving some construction jobs; it is going to take more work to halt the devastating job losses that are wiping out millions of construction workers families."
Other data confirmed that construction workers have had more job losses then any other segment of industry being followed closely by the Manufacturing industry which lost about 61,000 jobs in October. There has been a 1.6 million decline in residential and non-residential construction hiring since December of 2007.
Sandher, the CEO fro AGCA during an interviews openly urged that the Obama Administration and Congress step forward to take extra measures such as those described in the Association's Recovery Plan. This plan was designed to try increase residential and non-residential construction projects, decrease unemployment and in doing so would have the additional benefit of helping to jump start the economy. Sandherr said: "Construction workers are ready to drive economic growth, instead of dragging it down."
Meanwhile in Canada housing starts began an upward climb in April and in 2009 an estimated 140,000 units that will grow to 160,000 in 2010 and a projected 180,000 in 2011. In the United States the upward spiral will continue with modest gains of between 700,000 in 2010 and a further increase to 700,000 at the end of 2011.
Mortgage rates are at an all time low in both Canada and the US and the GDP change is almost ready to turn positive.
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