Construction Job Openings Decreased By 52,000, Says ABC

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The construction industry had 371,000 job openings in 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 52,000 last month and are down 21,000 from the same time last year.

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Construction Industry Remains Constrained, Marcum Index Shows

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The Marcum Commercial Construction Index for the third quarter of 2022 reports that the construction industry remains constrained by labor shortages and elevated materials prices, but now also faces a rapidly deteriorating economic outlook and severely elevated borrowing costs. While some construction segments retain momentum, there are signs that broader economic weakness have begun to drag on the industry. The index is produced by Marcum’s National Construction Services group. Labor shortages remain the most pressing issue for the construction industry. “The number of unfilled construction jobs increased to 422,000 in September, the most in any month since at least 2000 … Read more

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Wages Increasing for Skilled Labor in Construction Industry

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Turner Construction Company announced the Third Quarter 2022 Turner Building Cost Index — which measures costs in the nonresidential building construction market in the United States — had increased to the value of 1311. This represents a 2.18% quarterly increase from second quarter 2022 and an 8.62% yearly increase from third quarter 2021. “We are experiencing a robust market with numerous mega-jobs. A shortage of skilled labor continues to lead contractors to be more selective in the projects they pursue. Wages are increasing to attract more labor into the industry and to incentivize skilled labor to travel to meet project … Read more

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Construction Spending Ticks Up, Driven by Nonresidential Construction

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Total construction spending increased by .2% for the month of September and by 10.9% for the year as nonresidential construction activity now outpaces residential construction, according to an analysis the Associated General Contractors of America released of federal spending data. Association officials noted that gains in public sector transportation construction have lagged other fast-growing segments as officials grapple with Buy America and other new regulatory requirements. Construction spending, not adjusted for inflation, totaled $1.811 trillion at a seasonally adjusted annual rate in September, .2% above the August rate and 10.9% above the September 2021 rate. Spending on private residential construction … Read more

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Equipment Finance Industry Confidence Eases in September

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The Equipment Leasing & Finance Foundation released the September 2022 Monthly Confidence Index for the Equipment Finance Industry. The index reports a qualitative assessment of both the prevailing business conditions, and expectations for the future, as reported by key executives from the $900-billion equipment finance sector. Overall, confidence in the equipment finance market is 48.7, a decrease from the August index of 50. When asked about the outlook for the future, MCI-EFI survey respondent Bruce J. Winter, president, FSG Capital, Inc., said, “The Fed has made it crystal clear that bringing inflation back to target is its number one goal. … Read more

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