Posted by Leonard Steinberg on November 8th, 2013

Need further proof how building those pesky LUXURY CONDOS helps the City? Employers added 11,000 construction jobs in October  hitting a 50-month high and marking the fifth consecutive month of gains in the sector, according to data analysis by the Associated General Contractors of America.

Employers added 11,000 jobs last month, bringing construction employment to 5,834,000 nationwide. The number marks an increase of 185,000 from the same period last year and the industry’s highest level since August 2009.

Unemployment in the construction field, meanwhile, fell to 9 percent from 11.4 percent in October 2012. Non-residential construction firms added a total of 6,600 new jobs in October and residential firms added 4,800 jobs. Heavy and civil engineering firms in the nonresidential sector added only 200 jobs — a relatively small increase resulting from declining public sector demand.

If the average construction worker earns about $ 40k per year, thats $440 million added into the economy….and far fewer dollars spent on tax-payer-funded unemployment checks!