H2 2022 Construction Outlook: Rising Costs, Tempered Outlooks

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The first half of 2022 saw cost inflation persist at an elevated rate as strong construction demand competed with a broad range of global and local issues. Though inflation and supply chain troubles are reminiscent of 2021, the contributing material components have shifted and new supply side issues have emerged. Despite a global inability to control the wide ranging disruptions and widespread fear of a recession, the industry is only just beginning to see a modest pullback and tempering of builder confidence. How will the industry’s existing inertia fare against changing economic outlooks and uncertainty? JLL’s latest Construction Outlook updates … Read more

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Monthly Construction Input Prices Dip, But Are Up 17% From a Year Ago, Says ABC

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Construction input prices decreased 1.4% in August compared to the previous month, according to the Associated Builders and Contractors’ analysis of U.S. Bureau of Labor Statistics Producer Price Index data. Nonresidential construction input prices fell 1.4% for the month, as well. Construction input prices are up 16.7% from a year ago, while nonresidential construction input prices are 16.3% higher. Input prices were up in six of 11 subcategories on a monthly basis. Natural gas prices increased 35.3% (and are 457.9% higher than they were in February 2020), followed by unprocessed energy materials prices, which rose 13.5%. Crude petroleum prices were … Read more

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Construction Employment Increases by 16,000, ABC Says

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The construction industry added 16,000 jobs on net in August, 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 risen by 311,000 jobs or 4.2%. Nonresidential construction employment rose by 4,300 positions on net, with positive growth in two of three subcategories. Nonresidential specialty trade added 5,600 net new jobs, while nonresidential building added 700 jobs. Heavy and civil engineering employment fell by 2,000 positions. The construction unemployment rate rose to 3.9% in August. Unemployment across all industries expanded from 3.5% in July to … Read more

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Cautious Optimism Revealed in Annual Construction Survey

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Construction contractors remain cautiously optimistic a year after the industry’s post-pandemic comeback started in earnest, according to the 2022 Marcum National Construction Survey. Contractors reported being buoyed by the federal infrastructure bill, growing backlogs and other tailwinds. The annual survey is conducted by Marcum LLP. The survey covers a range of topics, from top priorities to problems, strategies, possible solutions and the lingering effects of the pandemic. Among this year’s key findings, close to 60% of respondents said they expect more opportunity in the future, up from 54% in 2021. More than half (69%) expect the Infrastructure Investment and Jobs … Read more

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Nonresidential Construction Spending Falls 0.5%, Says ABC

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National nonresidential construction spending was down by 0.5% in June, 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 $829.4 billion for the month. Spending was down on a monthly basis in eight of the 16 nonresidential subcategories. Both private and public nonresidential spending fell by 0.5% in June.  

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