Construction Spending Increases 1% from January to February

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Construction spending increased by 1% from January to February, while construction employment increased compared to February 2018 levels in 275 out of 358 metro areas, according to an analysis of new government data by the Associated General Contractors. Association officials called on federal officials to support more career and technical education programs to prepare workers for in-demand careers like construction. “The spending increase in February follows an extremely strong 2.5% gain in January, which aligns with contractors’ reports that they were busy early in the year and expect to stay that way through 2019,” said Ken Simonson, the association’s chief … Read more

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Jobs Decline in Construction Sector for First Time in More than Two Years, Says ABC

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According to a recent analysis by the Associated Builders and Contractors of data released by the U.S. Bureau of Labor Statistics, the construction industry lost 31,000 net new jobs in February. Overall, nonresidential employment decreased by 20,400 net new positions compared to January, with losses split between nonresidential building (-3,000), heavy and civil engineering (-13,200) and nonresidential specialty contractors (-4,200). However, industry employment is up 223,000 jobs since February 2018, an increase of 3.1 percent. Unemployment in the construction industry dropped slightly to 6.2 percent, down 0.2 percentage points from January. On a year-over-year basis, unemployment is 1.6 percentage points … Read more

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Large Job Gain in January, Association Survey Shows Ongoing Demand But Workers Hard to Find

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Construction employment decreased by 31,000 jobs in February as extreme winter weather gripped much of the nation. However, continuing year-over-year employment and wage increases that exceed those in other industries suggest there has been no letup in demand for projects, according to an analysis of new government data by the Associated General Contractors of America. “The decline in construction employment in February follows an oversized increase in January of 53,000 employees,” said Ken Simonson, the association’s chief economist. “That suggests contractors may have been able to bring workers on board sooner than normal and had less need to hire in … Read more

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Construction Spending Slips in December, Yearly Totals Increase in Most Segments

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Construction spending declined by 0.6 percent from November to December but increased from a year earlier in most major categories, according to an analysis of new government data by the Associated General Contractors. The new spending data shows strong overall demand for construction services, but association officials cautioned that labor shortages could undermine continued growth for the industry. “This data shows moderate and balanced growth across residential, private nonresidential and public construction segments,” said Ken Simonson, the association’s chief economist. “That fits with what contractors say they expect for 2019, as the association’s survey in January revealed.” Construction spending totaled … Read more

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Construction Contractors Lose Confidence in Q4, Remain Upbeat Heading into 2019

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Construction industry leaders remained predominantly confident about the nonresidential construction sector’s prospects during the final quarter of 2018, according to the latest Construction Confidence Index released by Associated Builders and Contractors. Sales expectations remained especially upbeat during the fourth quarter, though the proportion of contractors anticipating significant sales increases in the following two quarters dipped by five percentage points. Despite that, more than 67 percent of contractors projected rising sales, while slightly less than 12 percent expected sales to decline. Just over 50 percent of contractors anticipate their profit margins to grow in the first half of 2019, yet only … Read more

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