ABC Releases July Construction Materials Prices Analysis

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Construction input prices increased .4% in July 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 also increased .4% for the month. Overall construction input prices are 1.1% higher than a year ago, while nonresidential construction input prices are .8% higher. Prices increased in all three energy subcategories last month. Natural gas prices were up by 13%, while unprocessed energy materials and crude petroleum prices rose 6% and 5.5%, respectively. “Construction input prices increased in July, ending a streak of two consecutive … Read more

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AGC: Construction Firms Add 25,000 Jobs In July, Unemployment Rate Holds Steady

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The construction sector added 25,000 jobs in July as wage gains continued to outpace increases in the broader economy, according to an analysis of new government data the Associated General Contractors of America released. Association officials said the biggest challenge for the industry remains finding enough workers to keep pace with demand and urged public officials to boost support for construction education and training programs. Construction employment in July totaled 8.3 million, seasonally adjusted, an increase of 25,000 from June. The sector has added 239,000 jobs or 3% during the past 12 months, nearly double the 1.6% increase for total … Read more

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AIA/Deltek Releases Latest Architecture Billings Index

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Business conditions remain soft at architecture firms in June with the AIA/Deltek Architecture Billings Index reporting a score of 46.4. Any score below 50 indicates that billings decline, although somewhat fewer firms reported a decline in billings in June than in May. Indicators of future work remained generally soft as well: Only slightly more than half of the responding firms reported an increase in inquiries into new work. Firms reported a third consecutive month of decline in value of newly signed design contracts. While many firms still have a healthy backlog of projects in the pipeline, 6.4 months on average, this is the smallest that backlogs have been … Read more

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QBE North America Unveils Insights on Cyber, Labor and Financial Challenges in 2024 Commercial Construction Risk Report

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QBE North America has released its 2024 Commercial Construction Risk Report, uncovering key risks and emerging challenges within the commercial construction industry. Highlighting cybersecurity threats, financial challenges and labor shortage as significant concerns, the report sheds light on the industry’s unique risks threatening project timelines, budgets and safety. The report surveyed 500 commercial general contractors and construction managers. Key findings include: Least prepared for the top risks: Survey respondents identified cybersecurity (42%) as the industry’s top risk, closely followed by concerns over cost overruns (35%), high interest rates (33%), labor shortage/lack of skilled labor (28%) and the potential for an … Read more

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Prices of Construction Materials Fall 0.3%

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Construction input prices fell 0.3% in June 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 declined 0.4% for the month. Overall construction input prices are 1.1% higher than a year ago, while nonresidential construction input prices are 0.7% higher. Prices increased in 2 of 3 energy subcategories last month. Natural gas prices were up 36.3%. The aggregate price of unprocessed energy materials was up 4.7%. Crude petroleum prices were down 0.2% for the month.

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