ABC: Construction Underperforms Broader Economy in December Jobs Report

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The construction industry added just 8,000 jobs on net in December, according to an Associated Builders and Contractors’ analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has increased by 196,000 jobs, an increase of 2.4%. Nonresidential construction employment increased by 4,700 positions on net, with growth in all three subcategories. Nonresidential specialty trade added the most jobs, increasing by 3,900 positions. Heavy and civil engineering added 600 jobs, while nonresidential building added 200 jobs. The construction unemployment rate rose to 5.2% in December. Unemployment across all industries decreased from 4.2% in … Read more

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ABC: Nonresidential Construction Spending Dips .1% in November, Flat Year Over Year

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National nonresidential construction spending declined .1% in November, according to an Associated Builders and Contractors’ analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.234 trillion. On a year-over-year basis, nonresidential construction spending is up 2.8%, approximately flat in inflation-adjusted terms. Spending was down on a monthly basis in 8 of the 16 nonresidential subcategories. Private nonresidential spending was unchanged, while public nonresidential construction spending was down 0.2% in November. “Contractor confidence surged post-election,” said ABC Chief Economist Anirban Basu. “Many contractors expect a combination of deregulation and tax cuts to … Read more

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Construction Employment Increases In 41 States From November 2023 To November 2024

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Construction employment increased in 41 states and the District of Columbia in November from a year earlier, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials said the industry needs a viable program of workforce authorizations to keep up with demand. “While job growth has been widespread over the past year, the more limited growth in the latest month may be a sign of the difficulty contractors face in finding qualified workers,” said Ken Simonson, the association’s chief economist. “More states would have added construction employees from October to November … Read more

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Construction Starts Increase 5% in November

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Total construction starts increased 5% in November to a seasonally adjusted annual rate of $1.2 trillion, according to Dodge Construction Network. Nonresidential building starts grew 2%, nonbuilding starts moved 16% higher, while residential building starts fell 1%. On a year-to-date basis through November, total construction starts were up 5% from the first 11 months of 2023. Nonresidential starts were up 4%, residential starts were up 7% and nonbuilding starts were up by 5%. For the 12 months ending November 2024, total construction starts were up 4% from the 12 months ending November 2023. Residential starts were up 7%, nonresidential starts … Read more

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Favorable Financing Creating Construction Tailwind as Labor Shortage Continues

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More favorable interest rates and materials prices are colliding with an ongoing labor shortage, bringing a mix of challenges and opportunities for construction project owners, according to DPR Construction’s latest Market Conditions Report. Labor shortages are a critical issue with 77% of contractors reporting increased difficulty in filling skilled craft positions compared to a year ago. While post-election economic policies are still being determined, lower interest rates and inflation are opening financing options for construction project owners. “Factors like interest rates and inflation will continue to play a significant role in determining financing options for construction projects,” said Matt Murphy, … Read more

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