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New York State Construction Sector Loses More Than 50,000 Jobs Due to Recession
Source BNA Construction labor Reports, By Jewel Edwards New York's construction industry lost 51,800 middle-wage jobs from the beginning of the U.S. economic recession in 2008 through the slow-paced recovery in 2011, according to a report released Nov. 29.In the report, the New York-based Fiscal Policy Institute analyzes employment and salary data from 2008 through 2011 to show the recession's effect on hiring, wages, and business earnings in New York.The report found that the construction industry registered the second highest level of middle-wage job losses— occupations where the average annual salary is more than $45,000. The manufacturing sector lost the most middle-wage jobs (81,000) over the three-year period.Since the middle of 2008, the construction, manufacturing, government, and finance sectors combined have lost 250,000 middle- and high wage jobs.The report said low-wage industries, including the education, restaurant, and home health care sectors, added 82,000 jobs since the start of the recession.In addition, average weekly earnings for most industries have declined over the last three years, the report said. Average weekly pay has dropped about 4 percent in the construction industries, professional and business services, and other services including repair shops, hair cutting businesses, and nail salons.Overall, the recession cost the state of New York 504,000 jobs and $31 billion in potential earnings, the report said.“These figures underscore just how costly the recession and weak recovery are for New York workers and their families. It's not just a matter of restoring the number of jobs lost during the recession. We need to restore the employment rate, that is, the ratio of jobs to the working age population,” FPI Chief Economist and Deputy Director James Parrott said in a statement.
November 30, 2011

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