ABC released its inaugural Construction Backlog Indicator (CBI), a forward-looking measurement reflecting the amount of work to be performed by contractors in the months ahead. A high backlog value a large amount of work is due to begin in the near term, leading to a positive economic impact, and a low backlog value indicates fewer projects are under contract, leading to a more uncertain economic impact. “Commercial and industrial construction is a major part of the American economy. We have developed this new, innovative measurement not only to track the level of commercial and industrial construction activity, but … Read more
AIA Releases Semi-Annual Consensus Construction Forecast
WASHINGTON, D.C. — Feeling the effects of the struggling overall U.S. economy, nonresidential construction spending is expected to decrease by 16 percent in 2009 and drop by another almost 12 percent in 2010 in inflation adjusted terms. Commercial projects will see the most significant decrease in activity. In contrast, most institutional building categories are expected to see much more modest declines over this period. These are highlights from the American Institute of Architects (AIA) semi-annual Consensus Construction Forecast, a survey of the nation's leading construction forecasters. “While there are some indications that the overall economy is beginning to … Read more
White House Sees ‘Robust’ Job Growth, Calls for More Training
July 13 (Bloomberg) — White House economic advisers expect “robust” job growth during the next decade in such industries as health care, green energy, transportation, construction and education, according to a report that calls for a “comprehensive strategy” to better prepare workers. The report, released today by President Barack Obama's Council of Economic Advisers, is based on the group's analysis of labor-market data. Health-care jobs will remain “a large source” of the projected growth, particularly for information-technology workers, registered nurses, laboratory technicians and physical therapists, it said. The CEA report is part of an administration response to Republican critics who … Read more
AGC Releases Construction Employment Data
Construction employment fell in 288 of the nation’s largest 311 metro areas from April 2008 to April 2009, according to a new analysis of government data conducted by the Associated General Contractors of America’s chief economist Ken Simonson. The data highlights the critical need for the federal government to move quickly to invest stimulus funds without needless requirements that could hamper recovery efforts, he noted. “Job loss figures like these are exactly what prompted Congress and the Administration to craft a stimulus package designed to get Americans back to work as quickly as possible,” said Simonson. “Putting these funds to … Read more
Trading Helmets for Hardhats, Veterans Find Construction Jobs Despite Economy
WASHINGTON, D.C. — While the nation pauses this Memorial Day to remember its fallen soldiers, at least one group remains on active duty to help our veterans find work during these tough economic times. High unemployment rates have made it harder for recently discharged servicemen and women to transition into civilian careers. And with homebuilding down, the construction industry would seem to offer slim opportunities for our returning heroes. Yet despite these challenges, Helmets to Hardhats has been able to launch nearly 2,000 veterans into careers in the building and construction trades last year alone. Helmets to Hardhats is a … Read more