Dodge Momentum Index Posts Dip in October

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The Dodge Momentum Index fell 1.8% in October to 127.5 (2000=100) from the revised September reading of 129.8. The momentum index, issued by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. The commercial component of the momentum index lost 4.4% over the month, but the institutional component gained 3.3%. The momentum index has struggled to make consistent gains since passing its post-pandemic low in June. Economic growth has slowed over the past few months, … Read more

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Pandemic Prompts Strong Demand for Housing, Undermines Demand for Other Nonresidential Projects, says AGC

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Construction employment increased by 26,000 jobs in September to a total of 7,245,000, but the gains were concentrated in housing, while employment in the infrastructure and nonresidential building construction sector remained little changed, according to an analysis by the Associated General Contractors of America. Association officials said the pandemic was prompting strong demand for new housing as more Americans work from home, while undermining private-sector development of office, retail and other types of projects and forcing many local and state governments to cut construction budgets.   “Construction is becoming steadily more split between a robust residential component and generally stagnant … Read more

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Nonresidential Construction Employment Expands in September, Says ABC

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The construction industry added 26,000 jobs on net in September, according to an Associated Builders and Contractors analysis of data released recently by the U.S. Bureau of Labor Statistics. During the last five months, the industry has added 689,000 jobs, recovering approximately 64% of the jobs lost since the start of the pandemic. Nonresidential construction employment added 4,000 jobs on net in September. Two subsegments, nonresidential building and nonresidential specialty trade, experienced employment gains, adding 5,300 and 2,100 jobs, respectively. Heavy and civil engineering partially offset those gains, however, losing 3,400 jobs on net. The construction unemployment rate was 7.1% … Read more

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Monthly Construction Input Prices Rise in September, says ABC

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Construction input prices increased 1.6% in September compared to the previous month, according to an Associated Builders and Contractors analysis of Producer Price Index data released by the U.S. Bureau of Labor Statistics. Nonresidential construction input prices rose 1.4% for the month. Among 11 subcategories, eight experienced monthly increases, with the largest increase registered in softwood lumber prices, which rose by 27.4%. The price of softwood lumber is up an astonishing 81.2% over the past year, a reflection of supply chain disruptions combined with the rapid expansion of single-family homebuilding. Natural gas prices were 12.1% higher than the previous month, … Read more

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Two-Thirds of Metros Shed Construction Jobs from August 2019 to August 2020, AGC Urges Congress to Pass COVID Relief

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Construction employment decreased in 241, or 67%, out of 358 metro areas between August 2019 and last month, according to an analysis of new government data released by the Associated General Contractors of America. Association officials urged Congress to pass new coronavirus relief measures before leaving town.   “Although residential construction is picking up in many areas, public and nonresidential construction are shrinking,” said Ken Simonson, the association’s chief economist. “Project cancellations are spreading, and fewer new projects are starting up. That combination makes further employment declines inevitable unless the federal government steps up support for infrastructure.”   Simonson noted … Read more

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