US Construction Industry in 2020 closes with 142,000 jobs fewer jobs compared to the year ending 2019. That is a 3% job loss overall. Hours worked for those employed were also down. Total hours worked in 2020 compared o 2019 were down close to 4.5%
What we are currently seeing for a trend in 2021 is overall construction to drop another 4%. We do expect to see residential construction spending to be up. This is based on the continued trend of people leaving states and relocating to other states where additional housing will be needed. Nonresidential commercial construction is not looking as well. The initial predictions are to see an over 14 to 15% decline over 2020 levels. Based on this, we could see an additional loss of 200 to 250,000 construction jobs in 2021.
I have no doubt things will change quarterly, and we will keep you posted as we see the trends.