Construction Employment Hits Five-Year High

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Construction employers added 48,000 jobs in December and 290,000 for the year, the largest annual increase since 2005, as the sector’s unemployment rate fell to 8.3 percent, according to an analysis by the Associated General Contractors of America. Association officials said many firms are expanding payrolls to keep pace with growing construction demand, but are having a hard time finding qualified workers to fill key positions. “Construction firms are clearly ramping up their hiring to keep up with swelling demand for construction,” said Ken Simonson, the association’s chief economist. “Demand for workers to construct apartments, pipelines and huge industrial projects … Read more

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2014 Construction Put In Place to End Strong According to FMI

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RALEIGH, N.C. — Total construction put in place for 2014 will be $62 billion greater than last year—a 7 percent increase according to the latest report from FMI. CPIP should finish this year around $972 billion and is expected to top $1.04 trillion in 2015. Commercial and manufacturing construction are two of the largest growth sectors, accounting for more than $111 billion in new construction. Randy Giggard, managing director of research services for FMI says, “With new and apparently sustainable sources of natural gas and shale oil, America is on the verge of a veritable manufacturing renaissance, building petrochemical plants … Read more

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Nonresidential Construction Spending Dips in November

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Nonresidential construction spending fell 1 percent on a monthly basis in November, but has still managed to expand 4 percent on a year-over-year basis according to the recent release from the U.S. Census Bureau. Spending for the month totaled $617 billion on a seasonally adjusted, annualized basis. Moreover, the government revised the October spending figure up from $611.8 billion to $622.9 billion. “November’s drop in nonresidential construction spending ends four consecutive months of spending growth, but represents only a minor dip in the industry’s momentum,” said Associated Builders and Contractors Chief Economist Anirban Basu. “November’s figure would have represented a … Read more

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Construction Spending Declines in November, Reports AGC

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Construction spending edged down in November but outlays for the year remained on track for a modest increase over 2013 totals, according to a recent analysis by the Associated General Contractors of America. Association officials said the new spending figures come as the group’s members prepare a new push for action on a series of federal infrastructure programs, including funding for highway and transit upgrades and to maintain clean water systems across the country. “Today’s figures continue the seesaw pattern that has characterized residential, private nonresidential and public construction throughout 2014,” said Ken Simonson, the association’s chief economist. “Overall construction … Read more

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Construction Employment Increases as Demand Rebounds, Labor Shortages Cause Concern

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Construction employment expanded in 224 metro areas, declined in 64 and was stagnant in 51 between November 2013 and November 2014, according to a new analysis of federal employment data recently released by the Associated General Contractors of America. Association officials said contractors in many parts of the country were benefitting from growing demand, yet labor shortages threaten to undermine the sector’s recovery. “It is good news that construction employment is now rising in two-thirds of the nation’s metro areas,” said Ken Simonson, chief economist for the association. “But now that the unemployment rate for construction workers has fallen to … Read more

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