Midyear Report Shows Construction Industry Stability, Strength in 2024

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The U.S. construction industry has shown resilience despite global challenges and the industry is adjusting to new patterns of demand, indicating variations in growth. JLL’s new 2024 Midyear Construction Update and Reforecast details how the year has unfolded so far compared to original predictions, and reforecasts what is expected in the second half of 2024. Construction costs have stabilized in 2024 due to backlog-conscious contractors and improved material conditions. Though construction starts remain slow in some locations, and not all sectors are performing equally well, construction spending is up and some interest rate holdouts are moving on long-deferred projects. Regarding … Read more

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Construction Input Prices Inch Up in August, but Lower Than 1 Year Ago

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Construction input prices increased .1% in August compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased .2% for the month. Prices decreased in all three energy subcategories last month. Natural gas prices fell by 29.8%, while unprocessed energy materials and crude petroleum prices declined by 7.5% and 4.2%, respectively. Overall construction input prices are .7% lower than a year ago, while nonresidential construction input prices are down by .9%. “Construction input prices are now down almost a full percentage point over … Read more

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August Nonresidential Construction Employment Up by 28,300, ABC Says

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The construction industry added 34,000 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 grew by 228,000 jobs, an increase of 2.8%. Nonresidential construction employment increased by 28,300 positions on net, with growth in all three subcategories. Nonresidential specialty trade added the most jobs on net, increasing by 14,000 positions. Heavy and civil engineering and nonresidential building added 13,500 and 800 jobs, respectively. The construction unemployment rate fell to 3.2% in August. Unemployment across all industries declined from 4.3% in … Read more

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New Quarterly Cost Report from Rider Levett Bucknall Charts Construction Trends throughout North America

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Rider Levett Bucknall has released its latest Quarterly Cost Report, providing an eye-opening perspective on the North American construction industry in 14 key markets. The latest report, with data to mid-Q2 2024, shows the national average increase in construction costs was 1.12% over the previous quarter. Boston, Massachusetts; Chicago, Illinois; Denver, Colorado; Honolulu, Hawaii; Los Angeles, California; Portland, Oregon; San Francisco, California and Washington, D.C. experienced increases over the national average this quarter. Denver; Las Vegas, Nevada; New York, New York; Phoenix, Arizona and Seattle, Washington experienced gains that were less than the national average. “The construction industry continues to … Read more

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AGC: Construction Employment Increases in 39 States between July 2023 and July 2024

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Construction employment increased in 39 states in July from a year earlier, while 29 states and the District of Columbia added construction jobs between June and July, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials noted that demand for projects — and the workers to execute them — remains robust in most states but there is a pressing to prepare more people for careers in construction. “Construction employment gains remain widespread, thanks to steady or increasing demand for data centers, manufacturing plants, energy and infrastructure projects,” said Ken Simonson, … Read more

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