Dodge Momentum Index Recovers in October

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NEW YORK, N. Y. – The Dodge Momentum Index rose in October, climbing 13.2 percent to 130.9 (2000=100) from the revised September reading of 115.6. The momentum index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. The move higher in October nearly reversed the erosion of the past four months (including September’s 7.9 percent decline), with October posting healthy gains in both sectors. From September to October the commercial portion of the momentum index advanced 16.8 percent, […]

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Construction Industry Adds 11,000 Jobs in October and 187,600 During 2017, Hourly Earnings Continue to Rise

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Construction employment increased by 11,000 jobs in October to the highest level in nine years, while the industry’s unemployment rate fell to 4.5 percent, the lowest October rate since 2006, according to an analysis of new government data by the Associated General Contractors of America. Association officials said that while hurricane recovery work may have helped boost employment in the sector, most of the gains are occurring because of strong demand for many types of private-sector projects across much of the country. “The construction industry continues to contribute to the nation’s economic expansion, adding jobs at double the rate of […]

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3 Mega Projects Propel ConstructConnect’s September Starts Higher by Nearly One-Third

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ConstructConnect recently announced that September’s volume of construction starts, excluding residential activity, was $42.8 billion. The month-to-month percentage change versus August was an outsized +31.5 percent (or plus nearly one-third). The big improvement in the latest period was thanks to go-aheads for three mega projects combining for a total of $17 billion. The three extraordinary projects were an Exxon Mobil petrochemical plant in Texas ($10 billion categorized as industrial); the new Delta Airlines Terminal at LaGuardia Airport in New York ($4 billion categorized as civil/engineering) and the Atlantic Sunrise natural gas pipeline in Pennsylvania ($3 billion, also in the civil/engineering […]

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Construction Spending Up in September, Down on YOY Basis

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WASHINGTON, D.C. – Nonresidential construction spending rose .5 percent in September, totaling $698.1 billion on a seasonally adjusted basis, according to an Associated Builders and Contractors analysis of data from the U.S. Census Bureau. However, nonresidential construction spending is down 2.9 percent on a year-over-year basis, with construction spending related to manufacturing down 20.3 percent since September 2016. August and July nonresidential spending totals were revised upwards by a collective $11 billion, however. “There is a lot of positive news about the U.S. economy right now,” said ABC Chief Economist Anirban Basu. “The nation has added nearly 1.8 million net […]

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Construction Spending Increases Between September 2016, 2017 as Growing Private-Sector Outpaces Public-Sector Declines

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Overall construction spending increased between September 2016 and September 2017 as growing private-sector residential demand continues to offset annual declines in public-sector investments in infrastructure and other projects, according to an analysis of new government data by the Associated General Contractors of America. Association officials urged members of Congress and the Trump administration to include new funding for roads, bridges, clean water and other important infrastructure as part of any new tax reform measure. “The ongoing economic expansion is a favorable sign for private residential and nonresidential construction,” said Ken Simonson, the association’s chief economist. “But lawmakers continue to underfund […]

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