Construction again had the highest industry unemployment rate at 17.4%, not seasonally adjusted, up from 8.2% a year earlier, according to the Data DIGest report. Construction job losses totaled 79,000 (-1.3%) in June, seasonally adjusted, and 992,000 (-14%) over 12 months. All construction job categories had severe monthly and 12-month losses: residential building, -10% and -16%; residential specialty trade contractors, -1.4% and -16%; nonresidential building, -1.6% and -11%; nonresidential specialty trades, -0.9% and -13%; and heavy and civil engineering, -1.8% and -11%.
Construction spending in May totaled $964 billion at a seasonally adjusted annual rate, down 0.9% from April and 12% from May 2009, the Census Bureau reported on July 1. Public construction dropped 0.6% for the month but was 3.4% higher than in May 2008. One of two of the largest public segments, highway and street, fell 1.3% since April and 0.7% from May 2008.
In another sign that construction is not likely to pick up soon, the American Institute of Architects reported on June 26 that its Architecture Billings Index (ABI) has failed to show any further hopeful signs in April or May.
The Institute for Supply Management reported, “The Prices Index increased 6.8 percentage points to 53.7% in June, indicating an increase in prices paid from May. This is the first time the index has registered above 50% since October 2008.” Items relevant to construction that rose in price in June included diesel fuel, copper and stainless steel products.
