June Construction Starts Retreat 15%

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NEW YORK, N.Y. — New construction starts in June dropped 15 percent from the previous month to a seasonally adjusted annual rate of $620.2 billion, according to Dodge Data & Analytics. The decline followed an especially strong May, which benefitted from a $9-billion liquefied natural gas export terminal in Texas being entered as a May start. By major sector, non-building construction in June fell sharply as the result of a steep pullback by its electric utility and gas plant category, while nonresidential building witnessed a less severe loss of momentum. Residential building in June was able to post a slight … Read more

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CMD's June Starts Treaded Water

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CMD Group recently announced that June's $30.3 billion of construction starts, excluding residential work, was almost unchanged versus May, -1.0 percent. Starts treaded water in the latest month, which is unusual given CMD's long-term May-to-June gain, due to seasonality, of 4.5 percent. June's month-to-month inertia was a pause after May's extraordinary 37.3 percent leap. May included a couple of mega-sized project groundbreakings, the likes of which weren"t repeated in June. Year-to-date starts in 2015 have also been -1.0 percent relative to the same January-to-June period of last year. Compared with its counterpart month last year, standalone June in 2015 was … Read more

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Dodge Momentum Index Declines in June

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NEW YORK, N.Y. — The Dodge Momentum Index fell to 118.3 (2000=100) in June, down 1.3 percent from 119.9 in May, according to Dodge Data & Analytics. 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. With the June decline, the index continued its lackluster performance thus far in 2015, and is up just 2.2 percent when compared to June 2014. Of the two major building sectors covered by the index, commercial building has recently shown … Read more

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Construction Unemployment Falls to Lowest June Level Since 2001, Officials Warn of Growing Worker Shortage

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Construction employment held steady in June at the highest level in six years, while the number of unemployed workers with construction experience fell to the lowest total since 2001, according to a recent analysis by the Associated General Contractors of America. Association officials said the new data indicates contractors are having a hard time finding enough qualified workers to meet growing demand in many parts of the country. “Expanding job opportunities throughout the economy make it increasingly difficult for contractors to find experienced construction workers,” said Ken Simonson, the association’s chief economist. “This scarcity shows up in record work weeks … Read more

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Construction Spending in May Reaches Highest Level Since 2008

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Construction spending climbed in May to the highest level since October 2008, according to a recent analysis by the Associated General Contractors of America. Association officials cautioned, however, that those spending gains could be at risk unless all levels of government strengthen programs to develop the construction workforce. “There were solid monthly and year-over-year gains in May for all major construction categories—private nonresidential, residential and public,” said Ken Simonson, the association’s chief economist. “The private segments appear poised to maintain growth throughout the year. But contractors increasingly report difficulty in finding workers with the right skills to construct large and … Read more

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