Florida loses 76,400 construction jobs in one year
If you doubted the economic slump was other than real-estate-related, guess again.
Almost half the state's job losses the past year were in construction, most of that housing-related. Between August 2007 and August 2008, 76,400 construction jobs melted away.
"Professional and business services" shed 31,200 jobs the past year. That's a broad category that includes accounting, architecture, engineering, information technology, secretarial, etc.
And for the not-so-bad: "Real estate, rental and leasing" actually gained jobs the past year. Seems the purge that began in early 2006 has ebbed. And, of course, hospitals kept hiring in droves. What would we do without the health care industry?
Here's the state's employment report released Friday: Download augempl.pdf
Several explanations why we're feeling the higher unemployment now and not a year ago when the housing industry was already in full retreat:
- Many of the first to be let go were undocumented workers able to migrate with ease. Their positions weren't always reflected on the employment/unemployment rolls
- Though sales were suffering a year ago, many projects continued on autopilot in 2007, their developers hoping for a fast turnaround.
- The credit crunch that unofficially began in August 2007 with the subprime meltdown was the start of a period of deeper unemployment. No loan, no project, no workers needed.
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Housing market news is the focus of the (Un)Real Estate blog. It offers an inside look at the Florida housing market and real estate news, with a focus on Tampa Bay. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
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