Construction Industry in US, Canada Poised for Growth

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After a year of stabilization, the construction industry in the U.S. and Canada is positioned for success in 2024, thanks to strong demand and as the normalization of supply chains and material prices continue. JLL’s new U.S. and Canada Construction Trends 2024 forecast explores the opportunities and challenges facing the construction industry in the year to come. “The industry is ready to successfully meet the challenges of 2024,” said Todd Burns, president, Project and Development Services, Americas, JLL. “With immense housing needs, return to office strengthening and federally backed infrastructure and manufacturing accelerating, the industry is poised for growth despite … Read more

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ABC: Georgia is No. 1 State for Construction

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For the first time, Georgia was named the top state for construction in Associated Builders and Contractors’ annual Merit Shop Scorecard. The scorecard, released yearly since 2015, ranks all 50 states and the District of Columbia based on policies and programs that strengthen career pathways in construction, encourage workforce development and advocate for fair and open competition on taxpayer-funded construction projects. Georgia’s construction industry continues to prosper, and it earned the top spot due to the state’s continued dedication to workforce development. This year, 99% of career and technical education students in the state earned a credential and/or continued to a … Read more

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ABC: Construction Job Openings Decrease by 4,000

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The construction industry had 423,000 job openings on the last day of October, 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 decreased by 4,000 in October but are up by 25,000 from the same time last year. “The number of economywide job openings fell to 8.7 million in October, the lowest total since March 2021,” said ABC Chief Economist Anirban Basu. “This is a strong indication … Read more

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ABC: Nonresidential Construction Spending Inches Higher, up 20% Over the Past Year

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National nonresidential construction spending increased 0.1% in October, according to an Associated Builders and Contractors’ analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.1 trillion. Spending was up on a monthly basis in 8 of the 16 nonresidential subcategories. Private nonresidential spending increased 0.1% in October, while public nonresidential construction spending was up 0.2%.  

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Dodge Construction Network: Construction Starts Drop 7% in October

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Total construction starts fell 7% in October to a seasonally adjusted annual rate of $1.1 trillion, according to Dodge Construction Network. Nonbuilding and residential starts fell 32% and 1%, respectively. Conversely, nonresidential building starts gained 8% during the month. Year-to-date through October 2023, total construction starts were 4% below that of 2022. Residential and nonresidential starts were down 15% and 7%, respectively; however, nonbuilding starts were up 20%. For the 12 months ending October 2023, total construction starts were down 1%. Nonbuilding starts were 22% higher, and nonresidential building starts gained 1%. On a 12-month rolling basis, residential starts posted … Read more

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