Since the beginning of the recession in December 2007, employment in the construction industry has fallen by 1.6 million. Job losses in the nonresidential construction mounted in December 2009 with the loss of 7,700 jobs in December, according to the Jan. 8 report by the U.S. Labor Department. Nonresidential building construction shed 105,300 jobs, or 13.1 percent, to bring employment to 698,200 for the entire year.
As nonresidential specialty trade contractor employment fell by 8,800 jobs in December, jobs fell across the board with a loss of 388,000 jobs, or 15.8 percent, since December 2008.
Many builders are struggling, while others with outstanding invoices for recent jobs are able to use invoice factoring to collect past due accounts receivables.
3,800 jobs were lost in December in the residential building construction category, and 98,000 jobs, or 12.7 percent, since the same time last year. Year osss were at $934,000, or 13.7 percent, for the year. Job losses in the construction industry accounted for more than half of the net job loss in the United States in December.
For more information on construction factoring, contact IFG. www.ifgnetwork.com
The total employment in all industries shrank by 85,000 jobs in December following a revised gain of 4,000 jobs in November. Over the past 12 months, employment totals are down 4,164,000 or 3.1 percent. The nation’s unemployment rate remained at 10 percent for December 2009.
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