Construction employers added 12,000 jobs in October and the sector’s unemployment rate fell to 6.4 percent, the lowest rate for October since 2006, according to an analysis released by the Associated General Contractors of America. Association officials said the construction employment gains, along with rising wages and weekly hours, are consistent with survey results showing more firms are having a hard time finding enough qualified workers to fill available positions. Construction employment totaled 6.95 million in October, the highest total since May 2009, with a 12-month gain of 231,000 jobs or 3.9 percent, Ken Simonson, the association’s chief economist, noted. … Read more
Construction Spending in September Slips
Construction spending decreased for the second consecutive month in September as declines in public and private nonresidential construction, as well as multifamily projects, offset growth in single-family homebuilding, according to an analysis by the Associated General Contractors of America. Association officials said the new spending figures underscore how challenges current market conditions are for many firms. “These data show that construction gains remain fragmentary and volatile, even though industry employment has been picking up in more states,” said Ken Simonson, the association’s chief economist. “Many categories of spending rose sharply over the past year but month-to-month changes have been mixed.” … Read more
Construction Employment Increases Amid Growing Demand, Worker Shortages
Construction employment expanded in 236 metro areas, declined in 53 and was stagnant in 50 between September 2013 and September 2014, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials said that as firms expand their payrolls, many are finding a limited supply of available qualified workers. “It is good news that construction employment gains have spread to more than two-thirds of the nation's metro areas,” said Ken Simonson, chief economist for the association. “But there is a growing risk that contractors in many of these regions will have trouble … Read more
Architecture Billings Index Shows Robust Conditions Ahead for Construction Industry
WASHINGTON, D.C. — With all geographic regions and building project sectors showing positive conditions, there continues to be a heightened level of demand for design services signaled in the latest Architecture Billings Index. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to 12-month lead time between architecture billings and construction spending. The American Institute of Architects reported the September ABI score was 55.2, up from a mark of 53.0 in August. This score reflects an increase in design activity (any score above 50 indicates an increase in billings). The new projects inquiry index was … Read more
Construction Employers Add Jobs in September, Unemployment Rate Declines
Construction employers added 16,000 jobs and the sector’s unemployment rate fell to 7 percent, the lowest rate for September in years, according to an analysis released by the Associated General Contractors of America. Association officials said the construction employment gains come as more firms report having a hard time finding enough qualified workers to fill available positions, citing the lack of local vocational training programs, especially at the secondary level. “While we are eager to see even more construction employment gains, there is no denying the fact that the industry has been in recovery mode for much of the past … Read more