Energy Prices Drive Construction Materials Costs Higher in October

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Construction input prices increased .3% in October compared to the previous month, according to an Associated Builders and Contractors’ analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also increased .3% for the month. Prices increased in all three energy subcategories last month. Natural gas prices increased by 29.3%, unprocessed energy materials prices rose 9.9% and crude petroleum prices advanced by 7.3%. Overall construction input prices are .2% lower than a year ago, while nonresidential construction input prices are 0.5% lower. “Higher energy prices drove the increase in construction input prices observed in October,” … Read more

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Construction Backlog Indicator Slips in October, Contractor Confidence Remains Elevated

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Associated Builders and Contractors’ Construction Backlog Indicator fell to 8.4 months in October, according to an ABC member survey conducted Oct. 21-Nov. 4. The reading is unchanged from October 2023. Backlog fell in every region except for the Northeast in October, reversing the previous month’s trend in which every region except for the Northeast saw an increase in backlog. Only the Middle States have longer backlog than one year ago. ABC’s Construction Confidence Index readings for sales and staffing levels improved in October, while the reading for profit margins inched slightly lower. The readings for all three components are above … Read more

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ABC: Almost Half of State Construction Unemployment Rates Down From a Year Ago

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The national September 2024 not seasonally adjusted construction unemployment rate was 3.7%, down .1% from the previous year, according to a state-by-state analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors. The analysis also found that 24 states had lower construction unemployment rates over the same period, four states were unchanged and 22 states were higher. National NSA payroll construction employment was 230,000 higher than last September. Since February 2022, seasonally adjusted construction employment has exceeded its pre-pandemic peak of 7.6 million. As of September 2024, SA payroll construction employment stood at 8.3 million. There … Read more

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ABC Releases Data for September Construction Job Openings

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The construction industry had 288,000 job openings on the last day of September, 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 decreased by 40,000 last month and are down by 134,000 from the same time last year. “September’s data, which show a precipitous 32% decline in construction industry job openings over the past year, likely overstate the degree that demand for construction workers has slowed,” said … Read more

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Construction Employment Increases In 40 States From September 2023 To September 2024

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Construction employment increased in 40 states in September from a year earlier, while 24 states and the District of Columbia added construction jobs between August and September, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials said even more states would have added workers if contractors could find enough qualified applicants. Between September 2023 and September 2024, 40 states added construction jobs, while 10 states and D.C. shed jobs. Texas added the most construction employees (42,300 jobs or 5.1%), followed by Florida (37,100 jobs, 5.9%), Ohio (16,400 jobs, 6.9%), and … Read more

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