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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Construction Employment Rises In 40 States & D.C.

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Construction employment increased in 40 states and the District of Columbia in October from a year earlier, while 22 states added construction jobs from September to October, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials said more states would likely have added construction jobs if the pool of available, qualified workers were larger. Between October 2022 and October 2023, 40 states and D.C. added construction jobs, while industry employment declined in eight states and held steady in Connecticut and Virginia. California added the most construction employees over the year (21,000 jobs … Read more

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ABC Construction Backlog Indicator Falls for Small Contractors, Increases for Large Contractors

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Associated Builders and Contractors reported that its Construction Backlog Indicator declined to 8.4 months in October from 9 months in September, according to an ABC member survey conducted Oct. 19-Nov. 2. The reading is down 0.4 months from October 2022. View ABC’s Construction Backlog Indicator and Construction Confidence Index tables for October. View the full Construction Backlog Indicator and Construction Confidence Index data series. Backlog now stands at its lowest level since the first quarter of 2022. Declines were concentrated among the smallest contractors, those with less than $30 million in annual revenues. All three other revenue categories experienced an … Read more

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Record Construction Job Openings Point to Need for More Workers, Says AGC

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The construction industry added 23,000 jobs in October as unemployment rates for the sector hovered near the all-time low for the month, according to an analysis of new government data released by the Associated General Contractors of America. Association officials said the construction industry would likely have hired even more workers to keep pace with strong demand for construction. “Despite the fact pay for hourly craft workers in construction is rising faster than for production employees, contractors are still struggling to find enough skilled workers,” said Ken Simonson, the association’s chief economist. “Both residential and nonresidential construction employers want to … Read more

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