Rider Levett Bucknall Releases Q3 USA Construction Report

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PHOENIX, Ariz. – In its latest quarterly survey of U.S. construction costs, international property and construction cost-consultant firm Rider Levett Bucknall reports that construction spending in the United States is on track to increase approximately 6 percent in 2016. Overall, the national average increase in construction costs for the quarter was approximately 1.5 percent. While spending is falling short of the robust 20 percent growth seen by select segments of the industry in 2015, the outlook for the construction field is reasonably favorable, notes the report. Continued low interest rates, rising consumer confidence and healthy job growth also contribute to … Read more

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Nonresidential Fixed Investment Expands Again During Solid Third Quarter, ABC Reports

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WASHINGTON, D.C. – Real gross domestic product expanded 2.9 percent on a seasonally adjusted annualized rate during the third quarter of 2016, according to an analysis of Bureau of Economic Analysis data recently released by Associated Builders and Contractors. This follows a 1.4 percent increase during the second quarter and represents the tenth consecutive quarter of economic expansion. Nonresidential fixed investment, a category closely aligned with construction and other forms of business investment, expanded at a 1.2 percent annualized rate during the third quarter after growing 1 percent during the second. Investment in structures led the way, increasing by 5.4 … Read more

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AGC Reports on Construction Hiring Despite Drop in Public Spending

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Construction employers added 11,000 jobs in October as employment in the sector is at the highest level since December 2008 despite declines in public sector investments in construction projects, according to an analysis by the Associated General Contractors of America. Association officials noted that average hourly earnings for construction workers increased by 3.2 percent compared to 12 months ago as firms continue to expand amid shortages of available qualified workers. “There is a two-part story in construction right now as private-sector demand continues to boost employment while declining public-sector demand is contributing to year-over-year declines in heavy and civil engineering … Read more

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Dodge Momentum Index Stumbles in September

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NEW YORK, N.Y. – The Dodge Momentum Index fell 4.3 percent in September to 129.0 from its revised August reading of 134.8 (2000=100). The 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 decline in September was the result of a 5.3 percent drop in institutional planning and a 3.6 percent decrease in commercial planning, retreating from the strong performance in August which benefited from an influx of large projects ($100 million+) into planning. September’s decline … Read more

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Contractor Confidence Dips in First Half of 2016

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WASHINGTON, D.C.  – The average contractor is less confident regarding business prospects for the next six months, but the nonresidential construction recovery is anticipated to remain in place, according to the Associated Builders and Contractors Construction Confidence Index released recently. The diffusion index measures forward-looking construction industry expectations in sales, profit margins and staffing levels, with readings above 50 indicating growth. According to the most recent survey, during the first half of 2016: Sales expectations fell from 67.0 to 64.1 Profit margin expectations fell from 62.8 to 61.1 Staffing level intentions rose from 63.9 to 64.9 Although two indices fell, … Read more

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