Storms Suppress Nonresidential Construction Spending in October, Says ABC

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National nonresidential construction spending decreased 0.4% in October, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.228 trillion. Spending was down on a monthly basis in 11 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.3%, while public nonresidential construction spending was down 0.5% in October. “Total construction spending rose sharply in October, but that was entirely due to a sharp increase in residential activity,” said ABC Chief Economist Anirban Basu. “Nonresidential construction spending contracted for the month, and the declines … Read more

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New Crane Index, Quarterly Cost Report from Rider Levett Bucknall

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Rider Levett Bucknall has released its latest Crane Index and Quarterly Cost Report, providing an eye-opening perspective on the North American construction industry in 14 key markets. The latest report, with data current to mid-third quarter of 2024, shows the national average increase in construction costs was 1.07%, the lowest it’s been in the last three years. Boston, Massachusetts; Denver, Colorado; Honolulu, Hawaii; New York, New York; Seattle, Washington and Washington, D.C. all experienced increases over the national average this quarter. Chicago, Illinois; Las Vegas, Nevada; Los Angeles, California; Phoenix, Arizona; Portland, Oregon and San Francisco, California experienced gains that … Read more

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Energy Prices Drive Construction Materials Costs Higher in October

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Construction input prices increased .3% in October 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 .3% for the month. Prices increased in all three energy subcategories last month. Natural gas prices increased by 29.3%, unprocessed energy materials prices rose 9.9% and crude petroleum prices advanced by 7.3%. Overall construction input prices are .2% lower than a year ago, while nonresidential construction input prices are 0.5% lower. “Higher energy prices drove the increase in construction input prices observed in October,” … Read more

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Construction Backlog Indicator Slips in October, Contractor Confidence Remains Elevated

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Associated Builders and Contractors’ Construction Backlog Indicator fell to 8.4 months in October, according to an ABC member survey conducted Oct. 21-Nov. 4. The reading is unchanged from October 2023. Backlog fell in every region except for the Northeast in October, reversing the previous month’s trend in which every region except for the Northeast saw an increase in backlog. Only the Middle States have longer backlog than one year ago. ABC’s Construction Confidence Index readings for sales and staffing levels improved in October, while the reading for profit margins inched slightly lower. The readings for all three components are above … Read more

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ABC: Almost Half of State Construction Unemployment Rates Down From a Year Ago

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The national September 2024 not seasonally adjusted construction unemployment rate was 3.7%, down .1% from the previous year, according to a state-by-state analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors. The analysis also found that 24 states had lower construction unemployment rates over the same period, four states were unchanged and 22 states were higher. National NSA payroll construction employment was 230,000 higher than last September. Since February 2022, seasonally adjusted construction employment has exceeded its pre-pandemic peak of 7.6 million. As of September 2024, SA payroll construction employment stood at 8.3 million. There … Read more

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