New Report Details Federal Funding Gap For Workforce Prep Despite Persistent Labor Needs

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Only one-fifth of federal investments in postsecondary education support workforce development for fields like construction and manufacturing, while the rest of the money goes to “traditional” degree programs according to a new report on federal workforce funding levels. The report, produced by the Progressive Policy Institute, the Associated General Contractors of America and Procore, notes this funding gap is making it hard for many employers to find qualified workers to hire. The report, titled Building a Stronger Workforce: Federal Spending on Postsecondary Education and Training, notes that of the $139.5 billion the federal government spends annually on postsecondary education, only $28.2 billion goes to workforce education and training programs. The other $111.3 billion supports “traditional” degree programs that only 38% of Americans complete. … Read more

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ABC: Construction Materials Prices Decrease

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Construction input prices decreased 0.9% in May 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 decreased 0.8% for the month. Overall construction input prices are 2.1% higher than a year ago, while nonresidential construction input prices are 2.2% higher. Prices decreased in 2 of the 3 energy subcategories last month. Crude petroleum prices were down 8.7%, while unprocessed energy materials prices decreased 6.6%. Natural gas prices were up by 1.7%. “For contractors, this data provides excellent news along two fronts,” said … Read more

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Marcum 2024 Q1 Report: Construction Sector Defies Rising Costs and Interest Rates

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The Marcum Commercial Construction Index for the first quarter of 2024 reports that the construction industry continued growing despite various challenges. The construction industry continues to benefit from massive investment in manufacturing structures. “Construction spending on manufacturing structures is up 184% over the past four years,” said Anirban Basu, Marcum’s chief construction economist and report author. “Given the size of many of these projects and ongoing efforts to strengthen the nation’s semiconductor, clean energy, and electric vehicle production capacity, the manufacturing-related construction segment will retain momentum through the entirety of 2024.” Input prices, after remaining relatively flat throughout 2023, resumed … Read more

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ABC: Nonresidential Construction Adds 17,100 Jobs

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The construction industry added 21,000 jobs on net in May, 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 251,000 jobs, an increase of 3.1%. Nonresidential construction employment increased by 17,100 positions on net in May, with growth registered in all three major subcategories. Nonresidential specialty trade added the most jobs, with employment increasing by 13,000 positions. Nonresidential building and heavy and civil engineering added 3,000 and 1,100 jobs, respectively. The construction unemployment rate fell to 3.9% in May. Unemployment across all industries rose from 3.9% in April to 4% last month. “Every monthly employment report is important,” … Read more

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ABC: Nonresidential Construction Spending Remains Near Record High

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National nonresidential construction spending decreased 0.3% in April, according to the latest Associated Builders and Contractors’ analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.20 trillion. Spending was down on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.3%, while public nonresidential construction spending was down 0.2% in April. “Nonresidential construction spending fell for the second consecutive month in April but remains just 0.3% below the all-time high established in February,” said ABC Chief Economist Anirban Basu. “An unprecedented increase in manufacturing construction spending has pushed overall nonresidential activity 31.9% higher over the past two years. Ongoing investment in industrial facilities as well as significant infrastructure-related outlays will keep nonresidential spending elevated despite the current expectation that interest … Read more

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