ABC Releases February Construction Spending Data

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National nonresidential construction spending declined 1 % in February, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.179 trillion. Spending was down in a monthly basis in 15 of the 16 nonresidential subcategories. Private nonresidential spending fell 0.9%, while public nonresidential construction spending was down 1.2% in February. “Virtually every nonresidential construction segment experienced a decline in spending in February,” said ABC Chief Economist Anirban Basu. “In certain instances, the monthly decline was sharp, including healthcare (-2.2%), commercial (-1.9%) and water supply (-1.8%). … Read more

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2024 Construction Workforce Shortage Tops Half Million, Says ABC

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The construction industry will need to attract an estimated 501,000 additional workers on top of the normal pace of hiring in 2024 to meet the demand for labor, according to a proprietary model developed by Associated Builders and Contractors. In 2025, the industry will need to bring in nearly 454,000 new workers on top of normal hiring to meet industry demand, and that’s presuming that construction spending growth slows significantly next year. “ABC estimates that the U.S. construction industry needs to attract about a half-million new workers in 2024 to balance supply and demand,” said Michael Bellaman, ABC president and … Read more

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ABC: Nonresidential Construction Spending Increases

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National nonresidential construction spending increased .4% in August, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.09 trillion. Spending was up on a monthly basis in 12 of the 16 nonresidential subcategories. Private nonresidential spending increased by .3%, while public nonresidential construction spending was up .6% in August.

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Analysis of Contractor Surveys Shows Construction Workforce Shortage is Disproportionately Impacting Nonunion Firms

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A review of 2018-21 Associated General Contractors of America surveys of more than 5,000 member firms nationwide reveals that nonunion construction firms are facing significantly greater workforce supply problems than their union counterparts. These problems preceded the COVID-19 pandemic. The surveys, which include responses from 1,768 union contractors and 3,893 nonunion contractors, were analyzed by researchers from the nonpartisan Illinois Economic Policy Institute and the Project for Middle Class Renewal at the University of Illinois at Urbana-Champaign. The Associated General Contractors of America represents more than 27,000 construction firms nationally. It releases its topline survey data each September and, since … Read more

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Nonresidential Construction Spending Slips Modestly in May, Says ABC

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According to a recent Associated Builders and Contractors analysis of U.S. Census Bureau data, national nonresidential construction spending declined 0.9% in May, totaling $788.5 billion on a seasonally adjusted annualized basis and a 4.4% increase compared to the same time last year. While total public and private nonresidential spending declined 0.9% since April, public spending was up 11.2% and private spending was down 0.1% year over year. Among the 16 nonresidential construction spending categories tracked by the Census Bureau, five experienced increases in monthly spending, including transportation (4%), communication (1.3%) and public safety (1.2%). Religious (-5.5%), commercial (-3.3%) and highway … Read more

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