by Bill McBride on 4/21/2006 06:58:00 PM
Friday, April 21, 2006
The previous post provided excerpts from an LA Times article indicating the number of construction jobs may be decreasing in California.
Click on graph for larger image.
This graph show the number of construction jobs in California since 1990. The housing slump of the early '90s is very clear. Following the business investment driven recession in 2001, construction employment was fairly stable for a couple of years and then started increasing again.
If the small drop in March construction employment is the beginning of a prolonged housing slump, I'd expect employment to fall by a couple hundred thousand jobs over the next few years - similar to the early '90s slump.