As house prices soared across the US, the construction sector boomed.
But as the housing bust was unfolding, the sector faced a new wave of job losses, according to a new report.
The report, released by Credit Suisse, found that from 2000 to 2010, construction jobs lost more than 20 per cent of their jobs, with the bulk of those losses coming in construction for high-rise buildings.
The housing industry, however, was relatively immune to the bust, according the report.
“We were seeing construction employment levels go through the roof,” said Richard Hirsch, Credit Suise chief economist.
“The real impact on the housing sector was not the construction job losses but the job losses in the real estate industry.”
Construction jobs, for instance, were down almost 20 per a decade from 2001 to 2011.
While the construction industry is one of the fastest-growing occupations in the US in terms of new construction jobs, there were only 5,400 construction jobs added in the decade to 2010.
And, as with any industry, the rise in construction jobs was largely driven by the surge in construction prices, which soared by more than 100 per cent in the first three years of the boom.
“It was a very rapid growth, and it was the peak of the housing boom,” Mr Hirsch said.
“There was not a lot of recovery there.”
The housing boom also affected the construction jobs that were being lost, Mr Huch said.
As prices were up, the number of construction jobs went down.
“As prices rose, there was a huge drop in the number in construction,” he said.
He said the overall job losses were “quite large” and had a big impact on families, especially when they were forced to take on debt in the midst of a recession.
The US is the biggest construction exporter in the world, and the country’s construction industry has seen its share of job growth.
In 2010, there had been about a million construction jobs in the country, with another 14 million workers employed in the construction trades.
The industry accounted for about 30 per cent or $1.2 trillion of the total US construction sector employment.
But in the early 2000s, the housing crash hit construction.
The construction industry lost more work than any other sector in the economy, with some of the biggest job losses occurring in the building of the US Capitol, which is about 1.5 kilometres (0.6 miles) away from the Capitol, the White House and the Capitol Police building.
Construction workers have been making their way home from work since November, when the Capitol was sealed off.
Many of them are facing a tough time.
The House is scheduled to reopen next week after a temporary shutdown that was put in place by the US government.
The Senate will reconvene on Monday.
The building has been closed since mid-November and many of the building workers have not been paid for several months.
They will need to rely on state and federal support from local governments.