Dodge Outlook 2021 Predicts Slow, Uneven Recovery throughout 2021

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Dodge Data & Analytics released its 2021 Dodge Construction Outlook, a mainstay in construction industry forecasting and business planning. The report predicts that total U.S. construction starts will increase 4% in 2021, to $771 billion. “The COVID-19 pandemic and recession has had a profound impact on the U.S. economy, leading to a deep drop off in construction starts in the first half of 2020,” stated Richard Branch, chief economist for Dodge Data & Analytics. “While the recovery is underway, the road to full recovery will be long and fraught with potential potholes. After losing an estimated 14% in 2020 to $738 … Read more

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Nonresidential Construction Employment Expands in October, says ABC

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The construction industry added 84,000 net new jobs in October, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. During the last six months, the industry has added 789,000 jobs, recovering 73% of the jobs lost during earlier stages of the pandemic. Nonresidential construction employment added 59,700 jobs on net in October. All three nonresidential subcategories experienced increases; the largest was registered among nonresidential specialty trade contractors, which added 27,500 positions on net. Heavy and civil engineering added 18,800 jobs while nonresidential building added 13,400. The construction unemployment rate was 6.8% … Read more

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Construction Sector Adds 84,000 Workers in October, Project Cancellations Undermine Future Gains, says AGC

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Construction employment increased by 84,000 jobs in October, with jobs added in both nonresidential and residential categories, according to a recent analysis by the Associated General Contractors of America of government data. Association officials cautioned, however, that the pandemic is causing a growing number of construction projects to be canceled or delayed, according to a survey the association released in late October.   “The employment data for October is good news, but our latest survey found that only a minority of contractors expect to add to their workforce in the next 12 months,” said Ken Simonson, the association’s chief economist. … Read more

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Construction Backlog Indicator Rebounds in October, Contractor Optimism Rises

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Associated Builders and Contractors reported its Construction Backlog Indicator rebounded to 7.7 months in October, an increase of 0.2 months from September’s reading, according to an ABC member survey conducted from Oct. 20 to Nov. 5. The backlog is 1.2 months lower than in October 2019. ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels increased in October. Sales and staffing index readings remained above the threshold of 50, indicating expectations of expansion over the next six months. For profit margins, this is the eighth consecutive month of decreasing readings. “Given political uncertainty, surging COVID-19 infections, a … Read more

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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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