Nearly 20 Percent Decline in Construction Spending Will Cost Over 430000 Jobs Next Year for Hard Hit Construction Industry and Other Fields Contractors Predict
Federal investments in highways and transit systems are expected to decline by over $15 billion in 2010 compared to this year according to analysis of transportation spending trends conducted by the Associated General Contractors of America (AGC). The estimated 19.3 percent drop in federal formula and stimulus funding for transportation projects next year is likely to force more than 430000 layoffs throughout the economy the association predicted.
“Boosting transportation investments will keep thousands of construction workers employed at a time when our economy can scarcely afford more layoffs” said Stephen E. Sandherr aGC chief executive officer noting that the construction unemployment rate is already at 18.7 percent. “The success of the stimulus in saving countless construction jobs will have been in vain if its sequel is underinvestment in our roads bridges and transit systems” he said.