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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Construction Spending Falls with Declines in Residential, Nonresidential Activity Amid Growing Labor and Materials Shortages

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Total construction spending fell by 1.1% in June as spending on new housing and nonresidential projects declined compared to May, according to an analysis the Associated General Contractors of America released of federal spending data. Association officials said that the construction spending figures are being impacted as materials and labor shortages are slowing schedules and increasing the cost of construction. Construction spending, not adjusted for inflation, totaled $1.76 trillion at a seasonally adjusted annual rate in June. That figure was 1.1% below the upwardly revised May rate and 8.3% higher than in June 2021. Private nonresidential construction spending declined for the … Read more

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Nonresidential Construction Spending Projected to Increase Through 2023

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Construction spending on buildings is projected to increase just over 9% this year and another 6% in 2023, according to a report from the American Institute of Architects. While the outlook for the broader economy has become more uncertain, the prospects for construction spending have improved since the beginning of the year. The outlook from the AIA Consensus Construction Forecast Panel, in its mid-year update, is more optimistic than what was projected at the beginning of the year, largely due to the extremely strong gains in the manufacturing category, as well as surprising strength in retail facilities. The industrial market … Read more

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