ABC: Construction Materials Prices Surge 2.6% in May

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Construction input prices increased 2.6% in May compared to the previous month, according to an Associated Builders and Contractors’ analysis of U.S. Bureau of Labor Statistics Producer Price Index data. Overall construction materials prices are 9.6% higher than one year ago, while nonresidential construction input prices are 9.7% higher. Prices increased in 2 of the 3 energy subcategories last month. Crude petroleum prices increased 11.8% and unprocessed energy materials increased 6.9%. Natural gas prices were down 18.2% in May. “Construction input prices surged again in May and are now up nearly 10% year over year,” said ABC Chief Economist Anirban Basu. … Read more

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Dodge Momentum Index Grows 6% in May

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The Dodge Momentum Index, issued by Dodge Construction Network, increased 5.9% in May to 275.7 (2000=100) from the downwardly revised April reading of 260.4. Over the month, commercial planning expanded 6.9% and institutional planning momentum grew 3.1%. “Nonresidential planning continued to stabilize throughout May,” said Sarah Martin, director of economic Research at Dodge Construction Network. “Growth in the DMI continued to be led by data center activity, but key sectors – such as healthcare, retail stores and offices – gained momentum as well. Nonetheless, the broader outlook remains cautious, as persistent labor constraints, elevated material costs and ongoing supply chain … Read more

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Nonresidential Construction Adds Healthy 15,700 Jobs in May

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The construction industry added 17,000 jobs on net in May, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has increased by 68,000 jobs, up 0.8%. Nonresidential construction employment increased by 15,700 positions, with gains in all three subcategories. Nonresidential specialty traded added the most jobs, increasing by 11,400 positions. Heavy and civil engineering and nonresidential building added 2,600 and 1,700 jobs, respectively, in May. The construction unemployment rate was 4.1% in May. Unemployment across all industries remained unchanged at 4.3% and is also unchanged … Read more

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Nonresidential Construction Spending Grows on Public Sector Strength in April

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National nonresidential construction spending increased 0.1% in April, 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 $1.250 trillion. Spending was up on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending was down 0.2%, while public nonresidential construction spending was up 0.4% in April. Spending on data centers, which is included in the office category, increased another 1.9% in April, rising to a seasonally adjusted annual rate of $50.7 billion, and is up 28.1% over the past year. “Nonresidential construction … Read more

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Construction Job Openings Increased By 25,000 in April

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The construction industry had 259,000 job openings on the last day of April, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings increased by 25,000 last month and are up by 52,000 from the same time last year.  “This release of April data suggests that contractors are increasingly struggling to fill open positions,” said ABC chief economist Anirban Basu. “Fewer construction workers were laid off in April … Read more

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