The Calculated Risk blog has an article on construction spending falling in March. But more interesting to me was the chart shown below. It illustrates how big the pre-recession housing bubble was.
Not surprisingly, employment in the construction sector also took a big hit with the collapse of construction spending. I put together the chart below. It shows that 6 years after peak construction employment, the U.S. still has almost 2 million fewer construction jobs.
While the outlook for construction and construction employment is positive, we're still years away from returning to the number of construction jobs we had in the boom years.
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