Uncertainty continues to prevail in our industry as we enter the second month of quarter No. 2 of calendar year 2020. Our sector of the economy has, and continues to be, engulfed in a perfect storm of events.
A market downturn in the construction industry is coming; however, it’s not likely until after 2020. Construction industry members and observers know a decline is inevitable with market growth continuing too long to last.
With the end of the year rapidly approaching, we begin to focus on what to expect in the year 2020. The Bureau of Labor Statistics reported an increase in the construction industry’s jobless rate. It rose to 4 percent at the end of the third quarter, despite a gain of 10,000 jobs.
Construction unemployment data from the U.S. Bureau of Labor Statistics indicates that as of the beginning of the fourth quarter, construction unemployment equaled its lowest monthly level reported in over a decade.