Impact of Construction Jobs in Minnesota
Policymakers need to start finding a way to get our economy moving again. The construction industry presents, in the words of corporate America, a large ROI (return-on-investment). Putting construction workers to work stimulates the economy not only by injecting wages into it and thereby increasing consumer demand, but it eases the burden on social welfare and unemployment systems.
To see the economic impact of the consrtruction industry, lets look at some facts.
In July 2011, construction employment in Minnesota totaled 83,800 people, decreases of 3% from July 2010 and 37% from February 2006 when the industry peaked in Minnesota.
In 2010, the average pay for a Minnesota construction worker was $51,740; 10% more than all private sector employees in the state.
Minnesota had 16,900 construction firms in 2009, of which 95% had fewer than 20 employees.
An additional $1 Billion in nonresidential construction spending would add $3.4 Billion to GDP, $1.1 Billion to personal earnings and create or sustain 28,500 jobs
9,700 on site construction jobs
4,600 indirect jobs from supplying construction materials and services
14,300 induced jobs, created from construction workers nd suppliers spending their incomes
If politicians truly care about Minnesota's and America's small businesses and working families, stimulating the construction industry is a great way to start showing it, since the vast majority of construction firms in Minnesota and the United States are small businesses.
Re-printed from http://www.minnesotalaborers.org
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