Jobs Report Offers Reasons for Hope and Concern for Construction Industry, ABC Says

  • Posted on

WASHINGTON, D.C. — National construction employment added 11,000 net new jobs on a seasonally adjusted basis in May according to analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors. The nonresidential construction sector added 4,400 net new jobs in May after losing 1,000 net jobs in April (revised down from a net increase of 3,200 jobs), while the residential sector added 7,100 net jobs for the month. Overall construction employment expanded 2.9 percent on yearly basis, well above the year-over-year growth rate of 1.6 percent for all nonfarm industries. “Today’s jobs numbers supply a mixture […]

Filed under: Economic NewsTagged with: , ,

Construction Input Prices Flat, Crude Petroleum Prices Plummet, ABC Says

  • Posted on

WASHINGTON, D.C. — Construction input prices remained unchanged in May, ending five consecutive months of price expansion, according to analysis of  Bureau of Labor Statistics data released by Associated Builders and Contractors. Construction input prices expanded 3.4 percent on a year-over-year basis. Nonresidential construction input prices also remained unchanged on a monthly basis but increased by 3.1 percent on a yearly basis. Only crude petroleum prices experienced a significant month-over-month change in May, with prices falling 19.6 percent from April’s level. Natural gas prices remain significantly higher—up 66 percent—from the same time one year ago. “Since March 2016, construction input […]

Filed under: Economic News, eNewsTagged with: , ,

Dodge Momentum Index Resumes Growth in May

  • Posted on

NEW YORK, N.Y. – Following a dip in April, the Dodge Momentum Index advanced 4 percent in May to 139.1 (2000=100) from its revised April reading of 133.7. 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. In May, the commercial component of the momentum index increased 4.8 percent to an eight-and-a-half year high, which suggests that construction activity for commercial buildings will continue to rise over the next year, even with signs of decelerating […]

Filed under: Economic News, eNewsTagged with: ,

Forty-Two States Add Construction Jobs Between May 2016, 2017

  • Posted on

Forty-two states added construction jobs between May 2016 and May 2017 amid growing demand for construction services, while 25 states and the District of Columbia lost construction jobs between April and May as firms struggle to find enough workers, according to an analysis by the Associated General Contractors of America of Labor Department data recently released. Association officials said workforce shortages appear to be impacting construction employment in parts of the country. “There is still plenty of private-sector demand for construction projects, so it is likely that some states with monthly employment declines have a shortage of workers rather than […]

Filed under: Economic News, eNewsTagged with: ,

Inaugural ‘Commercial Construction Index’ Indicates High Revenue, Employment Expectations for 2017

  • Posted on

WASHINGTON, D.C. — Commercial construction is in high demand across the country and contractors are confident in the trajectory of the industry, according to the USG + U.S. Chamber of Commerce Commercial Construction Index recently launched. Nearly all contractors surveyed – 96 percent – expect revenues to grow or remain stable this year compared to 2016, with 40 percent expecting an increase and only 3 percent expecting a decrease in revenue. The index is a new quarterly economic indicator designed to gauge what drives the commercial construction industry and its leaders, including specific issues like backlog of work, new business […]

Filed under: Economic News, eNewsTagged with: , ,