ABC: Monthly Construction Input Prices Surge 1%

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Construction input prices increased 1% in January compared to the previous month, according to an Associated Builders and Contractors’ analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased 0.9% for the month. Overall construction input prices are 0.4% higher than a year ago, while nonresidential construction materials prices are 0.7% higher. Prices increased in 2 of the 3 energy subcategories last month. Crude petroleum input prices were up 6.1%, while unprocessed energy materials prices were up 3.8%. Natural gas prices decreased 2.4% in January. “Construction materials prices surged in January, ending a … Read more

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AIA Releases Construction Forecast: Healthcare Construction to See Modest Gains Through 2025

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Spending on nonresidential buildings will see a modest 4% increase in 2024, after increasing by more than 20% last year according to The American Institute of Architects’ latest Consensus Construction Forecast. The pace will slow to just over 1% growth in 2025, a marked difference from the strong performance in 2023. Although construction spending in the nonresidential building sector is projected to be at a slower pace through 2025, healthcare construction spending is projected to see gains. Although modest, the sector is expected to increase 3.6% in 2024 and 3.5% in 2025. Complete details can be found at aia.org. The … Read more

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Improving Project Efficiency in the New Year

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Increase productivity, lower costs + reduce waste High inflation and labor shortages is a major challenge for many industries, and no more so than in the construction & engineering sector, where productivity has historically always been low. Should you increase revenue? Difficult, especially in a competitive bidding environment. So, can you reduce costs? Kenny Ingram, vice president of construction and engineering, IFS, argues that C&E firms can improve project efficiency by increasing productivity, lowering costs and reducing waste. And it’s not all just about tackling labor issues – that’s just one interrelated issue, as he explains. The construction industry has … Read more

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New Quarterly Cost Report Charts Construction Trends

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International property and construction consultancy firm Rider Levett Bucknall has released its latest Quarterly Cost Report, providing a perspective on the North American construction industry in 14 key markets. With data from mid-Q4 2023, the latest RLB quarterly cost report shows the national average increase in construction costs was 1.32% over the previous quarter, with Boston, Chicago, Honolulu, Portland, Seattle and Washington, D.C. experiencing increases over the national average this quarter. Denver, Las Vegas, Los Angeles, New York, Phoenix and San Francisco experienced gains that were less than the national average. Quarterly Cost Report highlights The U.S. quarterly national average … Read more

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ABC: Nonresidential Construction Adds Nearly 12,000 Jobs in December

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The construction industry added 17,000 jobs on net in December, 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 grown by 197,000 jobs, an increase of 2.5%. Last month, nonresidential construction employment increased by 11,900 positions on net, with growth in two of the three subcategories. Nonresidential building added 8,100 positions, while nonresidential specialty trade added 4,300 jobs on net. Heavy and civil engineering lost 500 jobs. The construction unemployment rate fell to 4.4% in December. Unemployment across all industries remained unchanged at 3.7% … Read more

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