In his monthly economic digest, Clemson University Economist Bruce Yandle analyzes unemployment statistics for South Carolina and the nation. His analysis points to the fall off of employment in the state since 2008 of 78,000 jobs, resulting in a statewide unemployment rate of 10.5 percent. He also analyzes unemployment in the construction sector, where employment fell 50,000 jobs from the peak.
“As can be seen, there is no recovery in that sector (construction). We can also see a net loss of 50,000 jobs from peak to present. Put another way, 50,000 of the 78,000 jobs lost in the state since the onset of the 2008-09 recession can be accounted for by construction losses. This suggests there will be no meaningful recovery in state employment until construction revives. The growth needed from other sectors to offset construction are just too large.”
You can read Yandle’s December 2011 Digest at Clemson.edu by clicking here.