Marcum LLP Unveils Critical Industry Trends in 2024 Construction Survey Amid Economic Uncertainty

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Marcum LLP has released the 2024 Marcum National Construction Survey. This comprehensive report provides critical insights into the construction industry’s current state and future outlook based on responses from industry leaders nationwide. Key findings: Optimism tempered by uncertainty: The survey reveals cautious optimism among construction industry leaders. While there is a general sense of confidence, it is balanced by concerns about economic and political uncertainties, particularly in an election year. Federal funding impact: The Infrastructure Investment and Jobs Act, CHIPS Act and Inflation Reduction Act are expected to fuel growth in the construction sector. Significant federal funding is earmarked for … Read more

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Construction Backlog Indicator Rebounds in September, Contractor Confidence Improves

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Associated Builders and Contractors reported that its Construction Backlog Indicator increased to 8.6 months in September, according to an ABC member survey conducted Sept. 20-Oct. 4. The reading is down .4 months from September 2023. Backlog increased in every region except for the Northeast in September. On a year-over-year basis, however, only the Middle States have longer backlog than one year ago. ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels improved in September. The readings for all three components are above the threshold of 50, indicating expectations for growth over the next six months. Visit abc.org/economics for the … Read more

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Construction Input Prices Down in September

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Construction input prices decreased .9% in September compared to the previous month, according to an Associated Builders and Contractors’ analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also decreased .9% for the month. Prices decreased in two of the three energy subcategories last month. Crude petroleum prices were down by 16.7%, while unprocessed energy materials prices were down 12.6%. Natural gas prices rose 2.4% in September. Overall construction input prices are 1.9% lower than a year ago, while nonresidential construction input prices are 2.1% lower. “The decline in construction input costs observed in … Read more

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Nonresidential Construction Spending Inches Up in August, Says ABC

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National nonresidential construction spending increased 0.1% in August, 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 $1.22 trillion. Spending was up on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.1%, while public nonresidential construction spending was up 0.3% in August. “Nonresidential construction spending inched higher in August, and that’s almost entirely due to ongoing infrastructure investments,” said ABC Chief Economist Anirban Basu. “Public spending accounted for all of the nonresidential segment’s monthly increase and has risen … Read more

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ABC: Record Rebound in Construction Job Openings in August

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The construction industry had 370,000 job openings on the last day of August, according to an Associated Builders and Contractors’ analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings increased by 138,000 last month but are down by 16,000 from the same time last year. “Construction job openings rebounded sharply in August, exhibiting the largest one-month increase on record,” said ABC Chief Economist Anirban Basu. “Much of this surge is likely due to the … Read more

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