Data Mining August 2011
Reports indicate that public investment outlays under the American Recovery and Reinvestment Act of 2009 (ARRA) prevented more dramatic decreases in construction. The Council of Economic Advisors indicated that first-quarter outlays totaled $20 billion, with little direct spending remaining to be obligated. In a May report, the Congressional Budget Office estimated that the ARRA “increased the number of people employed by 1.2 million and 3.3 million.”
While the Bureau of Labor Statistics shows May unemployment rates were lower in 274 of the 372 metropolitan areas, construction employment was up in only 120 of the 337 metro areas for which data is available, down in 162, and level in 55, according to an AGC analysis.
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