In light of Friday’s shockingly awful jobs report, it should be more apparent than ever just how absolutely, positively psychotic it is that the United States is not spending more money on infrastructure right now.
Public construction spending, including state, federal and local projects, has been on a staggered decline since early 2009.* Yep, even with stimulus funding. In the meantime, the country has more than a million unemployed construction workers sitting around, and their industry just shed 28,000 jobs in May, at least on a seasonally adjusted basis.
The cruel irony of this situation? There’s never been a better time for us to build.
Read more. [Image: FRED]