The bounce back A look at recovery projections for key construction segments By Jay Denton
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mploying some of most in-demand occupations—such as construction and extraction roles—in 2020, the U.S. construction industry lost about 1.1 million jobs from
February to April, according to analysis from LaborIQ by ThinkWhy. The losses took hold as the industry faced worker safety, funding, material shortages and a failure to meet contracted project timelines.
As states began to reopen in last May and June, the construction industry began to make positive progress in recapturing its lost jobs. Through July, the industry had refilled 59% of the 1.1 million jobs it lost during the first two months of the pandemic. Though,
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with the recent rise of COVID-19 cases, progress has slowed. In July, only 20,000 construction jobs were filled, compared to 163,000 in June and 456,000 in May. Additionally, demand for new construction in certain industries will be impacted
COMMERCIAL CONSTRUCTION & RENOVATION — JANUARY 2021
significantly in the near term. Some real-estate sectors, like retail and accommodations, as well as projects dependent on local tax dollars, probably will lag behind other industries on the road to recovery due to the current disruption in demand and funding.
Reflecting on the state of construction pre-COVID
In 2020, prior to the current pandemic and resulting recession, the construction industry was poised to finally gain back the remaining jobs lost during the previous downturn. From its peak employment in 2006, to the depths reached in 2010, the construction industry lost more than 2.1 million jobs. By February 2020, the construction industry had its highest job count in 12.5 years (7.6 million jobs), regained all but 87,000 jobs lost during the previous downturn and was on track to be a top performer
