Construction employment in Rhode Island dropped 4.4 percent in August compared with the same period in 2012, a year-over-year net loss of 700 jobs, according to an analysis of Labor Department data by the Associated General Contractors of America.
Builders began work on fewer U.S. homes than projected in August and applications for future work declined more than forecast, underscoring the risk that higher mortgage rates pose for the real-estate rebound.
The Great Recession delivered a hammer blow to building and real estate businesses, and New England Construction did not escape the pain. The East Providence-based company saw revenue fall from more than $58 million in 2008 to $20 million in 2010.
But while other companies folded, New England Construction held on and worked hard to rebuild through the recovery. Today the company’s annual revenue is nearly where it was before the downturn five years ago, up to $53.5 million in 2012.
(Editor’s note: This is the second of a three-part series exploring the progress of East Providence’s 10-year effort to redevelop its waterfront and what it might mean for a similar effort underway in Providence.)more
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