JLL Launches 2022 Construction Outlook

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The construction industry entered 2022 alongside broad economic recovery from the COVID-19 pandemic, with an outlook tempered by record high materials costs, construction labor shortages and continuing supply chain disruptions. Hopes for a near-term return to normal were dashed by the Russian invasion of Ukraine late in the first quarter, as the conflict and global economic sanctions have further disrupted critical material markets. Additionally, the U.S. construction labor market is exceptionally tight, with notable wage growth and demographic shifts amidst increasing demand. How will all of this play out for construction over the coming year? JLL’s H1 2022 Construction Outlook … Read more

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AGC Reports 3/4 of Metro Areas Add Construction Jobs January 2021-2022, Soaring Job Openings Indicate Lack of Workers Kept Employment Totals Down

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Construction employment increased in nearly three out of four U.S. metro areas in January compared to a year ago, according to an analysis by the Associated General Contractors of America of new government employment data. Association officials welcomed the widespread job gains but cautioned that contractors in many areas are having trouble finding enough qualified workers to return to pre-pandemic levels amid tight labor market conditions. “Construction employment is now increasing in most areas after a rough first year of the pandemic,” said Ken Simonson, the association’s chief economist. “But contractors recently have had more unfilled positions at the end … Read more

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Construction Employment Surges in February to Near Pre-Pandemic Levels, Says ABC

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The construction industry added 60,000 jobs on net in February, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. Overall, the industry has recovered virtually all (99%) of the jobs lost during earlier stages of the pandemic. Nonresidential construction employment increased by 29,400 positions in February, with all three subsectors experiencing growth, and is up 3.9% over the past 12 months. The residential sector added 31,000 in February and is up 4.5% since February 2021. The construction unemployment rate fell to 6.7% in February. Unemployment across all industries declined to 3.8%, … Read more

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Turner Construction Company Announces Cost of Construction Materials Continue to Rise

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Turner Construction Company announced the fourth quarter 2021 Turner Building Cost Index—which measures costs in the non-residential building construction market in the United States—had increased to the value of 1230. This represents a 1.91% quarterly increase from the third quarter 2021 and a 5.04% yearly increase from the fourth quarter 2020. “While some material prices appear to show signs of leveling, there is continual escalation in steel, copper and aluminum prices. In addition, the supply chain disruptions have continued at unprecedented levels. With subcontractor backlog returning to pre-pandemic levels and skilled labor shortages persisting, competitiveness by vendors and subcontractors appears … Read more

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Construction Spending Rose in January from December, January 2021, Reports AGC

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Construction spending increased in January compared to both December and a year ago, with strong gains in private nonresidential and residential construction but mixed results for public spending, according to an analysis of federal spending data the Associated General Contractors of America. Association leaders urged Washington officials to speed the award of funds promised by the Bipartisan Infrastructure law. “Private nonresidential construction, especially for manufacturing plants, has rebounded sharply in recent months, while demand for housing remains strong,” said Ken Simonson, the association’s chief economist. “But public projects have yet to grow consistently.” Construction spending in January totaled $1.68 trillion … Read more

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