Construction Job News in California
Sunday, January 21, 2007
Construction job news from the LA Times: "Some of the decline in retail hiring reflected the housing slump. Hiring among dealers of building materials and supplies was down 2.5% in December compared with a year earlier. Construction remained the biggest drag on the economy, shedding 15,700 jobs in 2006, more than any other sector.""The question now is when the housing market will hit bottom. Many economists are projecting that the slump in home sales will be over by the end of the year."
"'That may be wishful thinking, said Chris Thornberg, a former UCLA economist. 'I keep hearing that the real estate markets are going to turn around, and it never ceases to amaze me,' he said. 'These cycles take two years, top to bottom, when they pop. We're only a year into it. If anything, this is different because the bubble was so much larger.'"
And news from the Orange County Register. "In the 12 months through December, Orange County's construction industry added jobs at a 0.7 percent annual rate, much slower than the industry's 7.2 percent growth in 2005."
From San Diego's Union Tribune: "In San Diego County, construction firms shed 1,800 workers during December and real estate firms cut 500 positions, according to data released yesterday by the California Employment Development Department."
"During 2006, construction firms in the county lost a total of 5,000 jobs, more than 5 percent of their work force. Statewide, construction firms have axed 15,300 workers, a 1.7 percent loss. And economists say the losses will probably continue."
"'I expect further contraction on single-family home construction,' said Kenneth Simonson, chief economist for the Associated General Contractors of America. 'It's hard to say when that will end. It's really a question regarding how long potential home buyers think they can hold on. Right now, home prices are still dropping and buyers are waiting to see when there will be a bottom of the market.'"
Labels: Construction Industry, construction jobs, Construction News
