Wait bearing down on construction industry

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By Joe Yovino

Have you ever waited for something so long the wait actually becomes the something? (Cubs fans, you know what I’m talking about.)

For the millions of unemployed construction workers across the nation and the tens of thousands here in Wisconsin, the wait for the recession‘s demise is a lesson in patience flanked by worrying.

If the working class in America has taken a punch in the face with this recession, the construction industry has been dealt a near knockout. No industry is suffering more (and has suffered more) through this recession.

While the overall unemployment rate hovers around 10 percent nationally, the rate in the construction industry jumped to 24.7 percent in January from 18.7 percent in October. The nation has now lost 8.4 million net jobs since the recession began in December 2007.

One-quarter of construction workers are currently unemployed – that’s a staggering number, and one that’s not lost on Washington.

A bipartisan bill was brought for consideration Thursday in the Senate. The bill includes money for highway construction and includes a tax break for companies that hire unemployed workers.

But, in a microcosm of the industry these days, just as some possible good news takes root, the entire tree collapses. Also out today is a report that Mother Nature has apparently joined in the construction-industry bashing. The recent storms that have slammed the East Coast and dumped a foot of snow around here could cost the economy more than 100,000 jobs in February, according to Carl Riccadonna, a senior U.S. economist at Deutsche Bank.

Riccadonna said the fallout from the weather could mean construction companies hire fewer workers.

And the construction industry waits a little longer.

Joe Yovino is the Web editor at The Daily Reporter … and a Cubs fan.