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President's Message — Building
a Stronger Economy
The construction industry is one
of the key drivers of the powerful American economy.
By AGC President Sam Hunter
As constructors, we are usually too wrapped
up in our daily efforts of finding work and building projects
to pause and look at the big picture, the size of our industry
and its contributions to the national economy. So take a breath
and prepare to be impressed with the significant role our
industry plays in the national economy.
> Construction is a major source
of jobs. Our industry provides employment to seven million
workers, more than 5% of the total nonfarm work force.
> Construction jobs are also
good-paying jobs. In January 2005, seasonally adjusted hourly
earnings in construction averaged $19.21 per hour, 21% higher
than the average for all non-supervisory workers in American
private industry.
> Construction makes a disproportionately
large contribution to the country's gross domestic product.
The value of construction put in place in 2004 was approximately
$1 trillion, 8% of GD and considerably higher than the industry's
share of employment.
> Construction is a major purchaser
of manufactured products. In 2004, shipments of construction
materials and supplies totaled $471 billion, nearly 11% of
total manufacturing shipments. Construction machinery shipments
totaled $29 billion, 10% of total machinery shipments.
These statistics show that the American
economy is significantly influenced by construction activity.
Government investment in infrastructure and private investment
in capital assets are essential to growing our industry and
our economy.
AGC continues to remind policy makers
of that axiom at the national, state and local levels. When
we build America's quality of life, we are building a stronger
economy.
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