QBE North America Unveils Insights on Cyber, Labor and Financial Challenges in 2024 Commercial Construction Risk Report

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QBE North America has released its 2024 Commercial Construction Risk Report, uncovering key risks and emerging challenges within the commercial construction industry. Highlighting cybersecurity threats, financial challenges and labor shortage as significant concerns, the report sheds light on the industry’s unique risks threatening project timelines, budgets and safety. The report surveyed 500 commercial general contractors and construction managers. Key findings include: Least prepared for the top risks: Survey respondents identified cybersecurity (42%) as the industry’s top risk, closely followed by concerns over cost overruns (35%), high interest rates (33%), labor shortage/lack of skilled labor (28%) and the potential for an … Read more

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Prices of Construction Materials Fall 0.3%

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Construction input prices fell 0.3% in June 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 declined 0.4% for the month. Overall construction input prices are 1.1% higher than a year ago, while nonresidential construction input prices are 0.7% higher. Prices increased in 2 of 3 energy subcategories last month. Natural gas prices were up 36.3%. The aggregate price of unprocessed energy materials was up 4.7%. Crude petroleum prices were down 0.2% for the month.

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Prices of Construction Materials Fall 0.3%

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Construction input prices fell 0.3% in June 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 declined 0.4% for the month. Overall construction input prices are 1.1% higher than a year ago, while nonresidential construction input prices are 0.7% higher. Prices increased in 2 of 3 energy subcategories last month. Natural gas prices were up 36.3%. The aggregate price of unprocessed energy materials was up 4.7%. Crude petroleum prices were down 0.2% for the month. “Construction materials prices dipped in June, perhaps … Read more

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New Quarterly Cost Report Charts Construction Trends in North America Cities

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International property and construction consultancy firm Rider Levett Bucknall has released its latest Quarterly Cost Report, providing an eye-opening perspective on the North American construction industry in 14 key markets. The latest RLB quarterly cost report, with data current to mid-Q2 2024, shows that the national average increase in construction costs was 1.12% over the previous quarter. Boston, Chicago, Denver, Honolulu, Los Angeles, Portland, San Francisco and Washington, D.C. experienced increases over the national average this quarter. Denver, Las Vegas, New York, Phoenix and Seattle experienced gains that were less than the national average. Quarterly Cost Report notes During Q2 2024, the U.S. … Read more

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ABC: Construction Unemployment Rate Plunges to Second Lowest Ever Recorded

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The construction industry added 27,000 jobs on net in June, 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 235,000 jobs, an increase of 2.9%.  Nonresidential construction employment increased by 21,200 positions on net, with growth in all three subcategories. Nonresidential specialty trade contractors added the most jobs for the month, (+9,200 jobs), followed by heavy and civil engineering (+6,300 jobs) and nonresidential building (+5,700 jobs). The construction unemployment rate decreased to 3.3% in June. Unemployment across all industries rose from 4.0 in May to 4.1% last month. “Despite indications that … Read more

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