The construction industry added 25,000 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 192,000 jobs, an increase of 2.5%.
The Marcum Commercial Construction Index for the first quarter of 2023 reports that the construction industry retains momentum despite still-elevated inflation and ongoing labor shortages. Despite that momentum, the combination of high interest rates and tightening credit conditions, along with a dour economic outlook, means that construction activity could slow in the latter part of 2023. Manufacturing-related construction continued to outpace the nonresidential segment. Residential construction volumes faded during the first quarter, though some parts of the segment have fared better than others. The industry continued to add workers at a faster pace than the broader economy during the first quarter. Labor … Read more
Architecture firms reported a modest decrease in April billings. However, there was a slight increase in inquiries into future project activity according to a report released from The American Institute of Architects.
The construction sector added 15,000 jobs in April while the sector’s unemployment rate fell to a record low for the month and the number of unfilled construction positions is close to a monthly high, according to an analysis of new government data the Associated General Contractors of America released. Association officials said the industry likely would have added even more positions if contractors could find more qualified workers. Construction employment in April totaled 7.9 million seasonally adjusted, an addition of 15,000 or .2% from the month prior. Nonresidential construction firms — nonresidential building and specialty trade contractors along with heavy and civil … Read more
The latest edition of The Civil Quarterly from Dodge Construction Network shows that despite ongoing labor issues, business conditions are still very strong for civil contractors, with 77% optimistic about the market continuing to be robust for the remainder of 2023, and 46% expecting to see their profit margins increase in the next six months. However, the strong construction market can also exacerbate civil contractor’s ongoing challenges, such as skilled worker shortages and supply chain challenges. This edition of the TCQ offers new data that reveals how contractors are managing these challenges, including how they are attempting to use technology … Read more
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