ABC: Construction Materials Prices Inch Down .2% in December, Up .9% Year Over Year

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Construction input prices decreased .2% in December compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data released today. Nonresidential construction input prices also decreased .2% for the month. Overall construction input prices are .9% higher than a year ago, while nonresidential construction input prices are .6% higher. Prices increased in all three energy subcategories last month. Natural gas prices were up 57.7%, while unprocessed energy material prices increased 10%. Crude petroleum prices rose slightly, by .5%. “Construction materials prices declined slightly in December and are virtually … Read more

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ABC: Construction Underperforms Broader Economy in December Jobs Report

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The construction industry added just 8,000 jobs on net in December, 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 196,000 jobs, an increase of 2.4%. Nonresidential construction employment increased by 4,700 positions on net, with growth in all three subcategories. Nonresidential specialty trade added the most jobs, increasing by 3,900 positions. Heavy and civil engineering added 600 jobs, while nonresidential building added 200 jobs. The construction unemployment rate rose to 5.2% in December. Unemployment across all industries decreased from 4.2% in … Read more

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ABC: Nonresidential Construction Spending Dips .1% in November, Flat Year Over Year

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National nonresidential construction spending declined .1% in November, 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 $1.234 trillion. On a year-over-year basis, nonresidential construction spending is up 2.8%, approximately flat in inflation-adjusted terms. Spending was down on a monthly basis in 8 of the 16 nonresidential subcategories. Private nonresidential spending was unchanged, while public nonresidential construction spending was down 0.2% in November. “Contractor confidence surged post-election,” said ABC Chief Economist Anirban Basu. “Many contractors expect a combination of deregulation and tax cuts to … Read more

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Construction Employment Increases In 41 States From November 2023 To November 2024

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Construction employment increased in 41 states and the District of Columbia in November from a year earlier, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials said the industry needs a viable program of workforce authorizations to keep up with demand. “While job growth has been widespread over the past year, the more limited growth in the latest month may be a sign of the difficulty contractors face in finding qualified workers,” said Ken Simonson, the association’s chief economist. “More states would have added construction employees from October to November … Read more

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Construction Starts Increase 5% in November

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Total construction starts increased 5% in November to a seasonally adjusted annual rate of $1.2 trillion, according to Dodge Construction Network. Nonresidential building starts grew 2%, nonbuilding starts moved 16% higher, while residential building starts fell 1%. On a year-to-date basis through November, total construction starts were up 5% from the first 11 months of 2023. Nonresidential starts were up 4%, residential starts were up 7% and nonbuilding starts were up by 5%. For the 12 months ending November 2024, total construction starts were up 4% from the 12 months ending November 2023. Residential starts were up 7%, nonresidential starts … Read more

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