ABC’s Construction Backlog Indicator Surges in March

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Associated Builders and Contractors reports that its monthly Construction Backlog Indicator expanded to 9.5 months in March 2019, up 0.7 months or 8.8% since February 2019 when CBI stood at 8.8 months. “The U.S. economy has been humming and construction backlog is correspondingly elevated,” said ABC Chief Economist Anirban Basu. “While there was a period of weakness in backlog in January, those dynamics, which may very well be seasonal, are no longer affecting the market. The U.S. economy’s strong first quarter appears to have greenlighted more construction projects, translating into ongoing and meaningful increases in construction backlog. “As a forward-looking … Read more

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Dodge Momentum Index Dips in April

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The Dodge Momentum Index fell 0.5% in April to 144.3 (2000=100) from the revised March reading of 145.1. 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 retreat in April was the result of the commercial component falling 1% while the institutional component rose a scant 0.2%. The momentum index has clearly lost some impetus over the last 12 months. The overall momentum index is down 8.5% since … Read more

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Construction Employment Increases in 43 States Between April 2018, April 2019

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Forty-three states added construction jobs between April 2018 and April 2019, while construction employment increased in 32 states and the District of Columbia from March to April, according to an analysis by the Associated General Contractors of America of Labor Department data. Association officials said the strong gains show demand for workers remains robust and they urged federal officials to enact immigration reforms to boost the supply of qualified workers. “Construction employment rose in most states over the past year, yet the record number of job openings at the end of March implies contractors would add even more workers if … Read more

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Construction Input Prices Continue to Rise, Says ABC

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Construction input prices increased 0.9% in April on a monthly basis and 2.4% compared to the same time last year, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics data. Nonresidential input prices rose 0.9% compared to March and are up 2.8% on an annual basis. Among the 11 subcategories, seven experienced price decreases last month, with the largest decreases in natural gas (-8.7%), iron and steel (-1.7%) and steel mill products (-1.7%). The four subcategories that experienced monthly price increases were crude petroleum (+13.9%), unprocessed energy materials (+3.7%), prepared asphalt products (+2.7%) and concrete … Read more

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Construction Employment Increases in 218 Metros from March 2018 to March 2019

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Construction employment grew in 218, or 61 percent, out of 358 metro areas between March 2018 and March 2019, declined in 83 (23 percent) and was unchanged in 57, according to a new analysis of federal employment data released by the Associated General Contractors of America. Meanwhile, new federal data on construction spending showed mixed results, as a steep decline in single-family homebuilding offset increases in multifamily and nonresidential construction. Association officials said the continuing demand for most construction underscores the need for federal enactment of immigration reforms to boost the supply of workers. “Fewer metros than in recent months … Read more

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