Domestic Nonresidential Markets Maintain Growth Trajectory in the Second Quarter

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Turner Construction Company announced that the Second Quarter 2014 Turner Building Cost Index—which measures costs in the nonresidential building construction market in the United States—has increased to a value of 896. This reflects a 1.24 percent increase from the First Quarter 2014 and 4.31 percent yearly increase from the Second Quarter 2013. Growth in nonresidential construction costs continues in the second quarter in virtually all domestic markets. Construction cost escalation is greater in urban centers experiencing high levels of construction activity and in markets with mega projects. The labor cost component in markets experiencing increased volumes of construction activity and … Read more

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AGC Releases July Construction Unemployment Rate, Spending

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New government data today show the uneven nature of the construction industry's recovery, as the sector added 22,000 jobs in July, but suffered a pullback in spending in June, according to an analysis by the Associated General Contractors of America. Association officials said that uncertainty about federal funding for a range of infrastructure and construction programs is one reason for the uneven recovery. “Construction employment and spending are both rising at a moderate year-over-year clip, but there have been some setbacks,” said Ken Simonson, the association’s chief economist. “While prospects for private construction remain largely favorable, inadequate public investment still … Read more

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Construction Employment Increases Between June 2013, June 2014

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Construction employment expanded in 215 metro areas, declined in 80 and was stagnant in 44 between June 2013 and June 2014, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials noted that uncertainty about a range of federal infrastructure and construction programs could weigh on future growth for the sector. “Contractors have been expanding their work force in about two-thirds of the country for several months in a row,” said Ken Simonson, the association’s chief economist. “Some metro areas are adding workers at a strong clip, but the gains remain … Read more

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Nonresidential Building Activity Expected in Increase in 2015

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WASHINGTON, D.C. — Due to the weather-related slow start in the nonresidential building market during the first part of the year, and the prolonged weakness in the institutional sector, construction spending projections for the rest of the year have been lowered slightly. The commercial construction sector is still looking at solid spending increases throughout the remainder of 2014, paced by high levels of demand for hotels and office buildings. The American Institute of Architects" semi-annual Consensus Construction Forecast, a survey of the nation's leading construction forecasters, is projecting that spending will see a 4.9 percent increase in 2014 — down … Read more

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June Construction Jumps 6%

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NEW YORK, N.Y. — New construction starts in June advanced 6 percent to a seasonally adjusted annual rate of $549.7 billion, the highest level so far in 2014, according to McGraw Hill Construction, a division of McGraw Hill Financial.   Nonresidential building strengthened after pulling back in May, with the lift coming from the start of several large manufacturing plant projects.   Modest gains in June were also reported for housing and nonbuilding construction (public works and electric utilities). During the first six months of 2014, total construction starts on an unadjusted basis were $254.1 billion, up 1 percent from … Read more

Filed under: Economic News, News