Construction Employment at Highest Level since 2009, Unemployment Rate at 6.2%

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Construction firms added 31,000 workers in October as the industry’s unemployment rate declined to 6.2 percent amid robust demand for construction, according to a recent analysis by the Associated General Contractors of America. Association officials noted that construction employment is now at the highest level since February 2009 as the sector continues to recover from the downturn. “The industry continues to recover while the hiring slowdowns it experienced during the summer were prompted more by labor shortages than they were any slump in demand,” said Ken Simonson, the association’s chief economist. “Construction firms appear to have had an easier time … Read more

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Nonresidential Construction Spending Rebounds in October

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Nonresidential construction spending bounced back in October, expanding 1 percent on a monthly basis and 4.3 percent year over year, according to a recent release from the U.S. Census Bureau. Spending for the month totaled $611.8 billion on a seasonally adjusted, annualized basis. Additionally, the government revised the September spending figure up to $605.8 billion from $596.1 billion. “This month's increase in nonresidential construction spending is far more consistent with the anecdotal information floating around the industry, which generally indicates that firms are becoming busier and that backlog is expanding,” said Associated Builders and Contractor Chief Economist Anirban Basu. “Although … Read more

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Construction Employment Declines September 2014-15, Labor Shortage Continues

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Construction employment declined in 144 out of 358 metro areas between September 2014 and September 2015, while construction was stagnant in 55 and increased in 159 metro areas, according to a new analysis of federal employment data recently released by the Associated General Contractors of America. Association officials said many contractors are having a hard time finding qualified workers to fill available positions, which may account for the underwhelming employment figures. “It appears that many of these job losses have more to do with a lack of workers than they do a lack of work,” said Stephen E. Sandherr, the … Read more

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Construction Employment Rises September 2015 Year-Over-Year

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Construction employment expanded in 35 states and the District of Columbia between September 2014 and September 2015, yet only 23 states added jobs between August and September, according to an analysis of Labor Department data recently released by the Associated General Contractors of America. Association officials said the fact as many states lost construction jobs as added them last month was likely due to a combination of labor shortages and uncertainty about a host of federal investment programs. “Depending on the kind of work they perform, many contractors either can’t find enough workers, or they can’t find enough work,” said … Read more

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Turner Releases Third Quarter Building Cost Index

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Turner Construction Company has released its Third Quarter 2015 Turner Building Cost Index — which measures costs in the non-residential building construction market in the United States. The value has increased to 949, which reflects a 1.17 percent increase from second quarter 2015 and a 4.52 percent yearly increase from third quarter 2014. Reduced cost of fuel and manufactured components was offset by a continued increase in construction activity which drove an overall increase of costs in the third quarter. While the South and Northeast have seen steady growth in activity similar to that of the first two quarters of … Read more

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