Economic Downturn
The economic downturn has hit home.
- In December 2008, the national unemployment rate reached 7.2 percent overall and 20 percent in the construction sector.
- State budgets are in freefall. Unlike the federal budget, states and localities must balance their budgets each year. As a result, 20 states have cut $7.6 billion from their fiscal year 2009 budgets, and 30 states have identified additional shortfalls totaling more than $30 billion. Twenty-five states have also identified shortfalls of $60 billion for FY 2010. These cuts may force states to delay billions of dollars in planned transportation improvements.
Reports and Resources
