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Forecast: 30 percent of construction jobs will be lost in 2009

Thursday, January 8, 2009

If a forecast from the Associated General Contractors of America is correct, 30 percent of construction jobs will be lost in 2009
If a forecast from the Associated General Contractors of America is correct, 30 percent of construction jobs will be lost in 2009

The new year will not be good for the construction industry if a new forecast from the Associated General Contractors of America predicting about two-thirds of companies expect to cut jobs in 2009 proves to be correct.

The group's New Construction Employment and Business Forecast finds that about 67 percent of non-residential construction companies intend to cut payroll this year which will result in a 30 percent drop in the number of construction workers.

However, the forecast finds that a stimulus package from President-elect Barack Obama would be likely to improve the outlook for the construction industry.

According to the forecast, companies would increase their payroll by 25 percent if a stimulus package included investment into the nation's infrastructure and add $500,000 in new equipment if they were to acquire work from a stimulus plan.

According to the association's CEO Steven Sandherr, a stimulus plan will be the major factor to increase construction jobs in 2009.

"With a stimulus, construction companies can get more people to work and more money into the economy in a way that will immediately boost our economy," he said. "Without a stimulus, construction companies will cut jobs, slash spending and continue to be among the hardest hit sectors within our economy."ADNFCR-2034-ID-18964278-ADNFCR

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