Last year the November unemployment rate was 12.7%, but ENR just reported we are now at 19.4% for construction unemployment. That’s about 1 in 5 construction workers now out of a job. That sucks.
It’s difficult to see what 2010 will bring. Lots of the Owners I work with are considering pulling the trigger on new projects, but wary of the economic recovery. The ability to procure construction financing also keeps some projects from starting.
The ENR article also noted that the federal highway and transit spending looks to decrease about 20% from 2009 to 2010, due to all the stimulus money in 2009.
Let’s hope the entrepreneurial spirit that made America strong will kick into gear. Then Owners will see opportunity outweigh fear and take the risk to move forward.