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Unemployment Hits 25%

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Construction’s unemployment rate soared to 25% in January, up from 18% the previous year, 11% in 2008 and 9% in 2007, according to the U.S. Bureau of Labor Statistics. The unemployment rate represents more than 2.19 million construction workers who have been laid off. On the flip side of the coin, the construction industry employed 5.63 million workers in January, down from 6.55 million during the same month a year ago and 7.47 million in 2008. In January, the residential construction market employed 561,000 workers, down 17% from a year ago and down 42% from 2006’s peak employment.

Unemployment Hits 25%
Source: U.S. Bureau of Labor Statistics. Construction Unemployment Rate for January.
Construction Unemployment Rate
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