Construction Jobs Exceed Pre-Pandemic Level in 18 States, D.C., Says AGC

  • Posted on

Only 18 states and the District of Columbia have added construction jobs since just before the start of the pandemic in February 2020 despite a pickup in most states from October to November, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials said one reason employment is below pre-pandemic levels in many parts of the country is the lack of available workers to hire. “Construction activity has picked up in recent months but still has not reached the employment levels of early last year in most of the country during … Read more

Filed under: Economic NewsTagged with: , ,

ABC Construction Backlog and Contractor Confidence Rebound in November

  • Posted on

ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels increased in November. All three indices stand above the threshold of 50, indicating expectations of growth over the next six months. Associated Builders and Contractors reports that its Construction Backlog Indicator rose to 8.4 months in November, according to an ABC member survey conducted Nov. 19 to Dec. 3. The reading is up 0.3 months from October 2021 and 1.2 months from November 2020. “It’s getting better out there,” said ABC Chief Economist Anirban Basu. “While the outlook for construction remains imperfect, extraordinarily low interest rates have created … Read more

Filed under: Economic NewsTagged with: , ,

Widespread Steep Increases in Materials Costs in November Outrun Prices for Construction Projects, According to AGC Analysis

  • Posted on

Prices of numerous construction materials soared again in November, outpacing the rate at which contractors raised their bid prices, according to an analysis by the Associated General Contractors of America of government data. Association officials said the current steps being taken to address supply chain problems and rising prices have been insufficient and urged public officials to redouble their efforts. “Prices for nearly every type of construction material are rising at runaway rates,” said Ken Simonson, the association’s chief economist. “These costs are compounding the difficulties contractors are experiencing from long lead times for production, gridlocked supply chains and record … Read more

Filed under: Economic NewsTagged with: ,

Inflation + Labor Shortages Weigh Down Construction Industry in 3rd Quarter, Finds Marcum Index

  • Posted on

The Marcum Commercial Construction Index for the third quarter of 2021 reports that the construction industry’s recovery slowed during the summer in the face of labor shortages and rising material prices. Nonresidential construction spending remains 10.7% below January 2020 levels, but is 1.3 lower than it was one year ago. The index is produced by Marcum’s National Construction Services group. “The nonresidential construction segment added 33,000 net new jobs in October 2021 and supports 46,500 more jobs than it did in October 2020,” said Anirban Basu, Marcum’s chief construction economist and author of the report. “But a majority of that … Read more

Filed under: Economic News, eNewsTagged with: , , ,

Two-Thirds of Metro Areas Add Construction Jobs from October 2020 to October 2021

  • Posted on

Nearly two out of three U.S. metro areas added construction jobs between October 2020 and October 2021, according to an analysis by the Associated General Contractors of America of government employment data. Association officials noted that the job gains would likely have been larger and more widespread if firms weren’t dealing with the twin challenges of supply chain problems and labor shortages. “While it is heartening that construction is recovering from the lows of 2020 in much of the country, the pandemic is still causing major supply-chain problems and is keeping some workers from seeking employment,” said Ken Simonson, the … Read more

Filed under: Economic NewsTagged with: , ,