Turner Construction Releases First Quarter 2025 Building Cost Index

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The First Quarter 2025 Turner Building Cost Index — which measures costs in the non-residential building construction market in the United States — had increased to the value of 1459. This represents a 1.18% quarterly increase from the Fourth Quarter 2024 and a 3.62% yearly increase from the First Quarter 2024. “The fundamentals of the construction market remain strong. Large projects in the advanced technology market continue to create upward pressure on specific material and equipment costs and on labor availability in some local markets. Our SourceBlue, preconstruction, and procurement teams are working with our project teams and clients to mitigate tariff … Read more

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Construction Hiring Historically Slow in December, Lowest Since April 2020 Says ABC

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The construction industry had 217,000 job openings on the last day of December 2024, 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 are down by 217,000 from the same time last year. “Construction industry hiring slowed to an unprecedented pace in December,” said ABC Chief Economist Anirban Basu. “The hiring rate fell to 3.6% for the month, the lowest level on record aside from the pandemic-affected … Read more

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ABC: Monthly Construction Economic Survey Shows Tariff Impacts Emerge

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Associated Builders and Contractors reported today that its Construction Backlog Indicator rose to 8.5 months in March, according to an ABC member survey conducted March 20 to April 6. The reading is up 0.3 months since March 2024. Backlog increased on a monthly basis for all nonresidential subsegments in March. Over the past year, however, only the infrastructure category has experienced a meaningful increase in backlog. ABC’s Construction Confidence Index reading for staffing improved, while the readings for sales and profit margins fell. The readings for all three components remain above the threshold of 50, indicating expectations for growth over … Read more

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ABC Releases March Construction Spending Data

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Construction input prices increased 0.5% in March, according to an Associated Builders and Contractors’ analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased 0.6% for the month. Both overall and nonresidential construction input prices are 0.8% higher than one year ago. While crude petroleum prices fell considerably in March, that decline was more than offset by rapidly rising natural gas, steel, copper and lumber prices. “Construction input prices increased at a rapid pace for the third consecutive month in March and have now risen at a 9.7% annualized rate through the first quarter … Read more

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New Crane Index, Quarterly Cost Report from Rider Levett Bucknall

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Rider Levett Bucknall has released its latest Crane Index and Quarterly Cost Report, providing a perspective on the North American construction industry in 16 key markets (formerly 14; Miami and Nashville have been newly added to the Quarterly Cost Report). The latest RLB quarterly cost report, with data current to mid-Q1 2025, shows that the national average change in construction costs was .98% in Q1, which was down from 1.11% in Q4; congruently, the year-over-year rate is 4.35%, down from 5.86% this time last year. Boston, Chicago, Honolulu, Portland and Seattle experienced increases in construction costs over the national average … Read more

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