Construction Employment Increases in August 2016, 2017 Year-Over-Year

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Construction employment increased in 274 out of 358 metro areas between August 2016 and August 2017, declined in 52 and stagnated in 32, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials noted that the construction job gains come even as 70 percent of responding firms reported having a hard time finding qualified craft workers to hire. “While many firms’ efforts to increase pay, add benefits and expand the diversity of their workforce appear to be helping, it is still a challenge for many contractors to keep pace with demand,” … Read more

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U.S. Commercial Construction Index Finds High Optimism

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WASHINGTON, D.C. – Commercial construction is in high demand across the country and contractors remain optimistic about the current and forward-looking health of the sector, according to the Q3 USG Corporation + U.S. Chamber of Commerce Commercial Construction Index (‘Index’), released recently. Nearly all contractors surveyed this summer (95 percent) expect revenues to grow or remain stable over the next 12 months compared to the prior 12 months, nearly the same percentage as in the Q2 2017 survey. Most contractors (93 percent) also expect to see profit margins stay the same or increase in the next 12 months, reflecting healthy … Read more

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National Survey Reveals 70% of Contractors Struggle to Find Qualified Craft Workers

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Seventy percent of construction firms report they are having a hard time filling hourly craft positions that represent the bulk of the construction workforce, according to the results of an industry-wide survey recently released by Autodesk and the Associated General Contractors of America. Association officials said that many firms are changing the way they operate, recruit and compensate, but cautioned that chronic labor shortages could have significant economic impacts absent greater investments in career and technical education. “In the short-term, fewer firms will be able to bid on construction projects if they are concerned they will not have enough workers … Read more

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Architecture Billings Index Continues Growth Streak

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WASHINGTON, D.C. – With all geographic regions and building project sectors showing positive conditions, there continues to be a heightened level of demand for design services signaled in the latest Architecture Billings Index. As a leading economic indicator of construction activity, the ABI reflects the approximate 9-12-month lead time between architecture billings and construction spending. The American Institute of Architects reported the August ABI score was 53.7, up from a score of 51.9 in the previous month. This score reflects an increase in design services provided by U.S. architecture firms (any score above 50 indicates an increase in billings). The … Read more

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Mortenson Raises Estimate for 2017 Chicago Construction Cost Increases to 4.5%

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CHICAGO, Ill. – With supplies of some key materials, equipment and labor tightening, Mortenson Construction has raised its estimate for nonresidential construction cost increases in Chicago, Illinois, for 2017 from 4 percent to 4.5 percent, the highest among the major markets that the national builder and developer tracks. This year’s increase follows a 2016 jump of 4.3 percent in Chicago, according to the Mortenson Construction Cost Index. “Chicago construction activity initially lagged other markets in recovering after the 2008 recession, but it has gradually caught up and is strong now,” said Dennis McGreal, chief estimator for Mortenson Construction’s Chicago office. … Read more

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