Latest Crane Count Shows Net Decrease with High Project Completion Rate

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International property and construction consultancy firm Rider Levett Bucknall has released its latest Crane Index and quarterly Construction Cost Report. The two documents provide a perspective on the North American construction industry in 14 key markets. The latest RLB quarterly Construction Cost Report, with data from mid-Q1 2024, shows that the national average increase in construction costs was 1.29%, similar to pre-pandemic levels. Boston, Chicago, Honolulu, Los Angeles, New York and Washington, D.C. all experienced increases over the national average this quarter. Denver, Las Vegas, Phoenix, Portland, San Francisco and Seattle experienced gains that were less than the national average. Crane Index notes Calgary, Las Vegas and Los Angeles have … Read more

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ABC: Construction Materials Prices Increase 0.4%

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Construction input prices increased 0.4% in March compared to the previous month, according to an Associated Builders and Contractors’ analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also increased 0.4% for the month. Both overall and nonresidential construction input prices are 1.7% higher than a year ago. Prices fell in all three energy subcategories last month. Natural gas prices were down 37%, while unprocessed energy materials and crude petroleum were down 6.9% and 0.8%, respectively.  

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ABC: Nonresidential Construction Adds 24,600 Jobs

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The construction industry added 39,000 jobs on net in March, according to an Associated Builders and Contractors’ analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 270,000 jobs, an increase of 3.4%.  Nonresidential construction employment increased by 24,600 positions on net, with growth in all three subcategories. Nonresidential specialty trade added the most jobs, increasing by 16,300 positions. Heavy and civil engineering and nonresidential building added 6,000 and 2,300 jobs, respectively. The construction unemployment rate fell to 5.4% in March. Unemployment across all industries declined from 3.9% in February … Read more

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ABC Releases February Construction Spending Data

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National nonresidential construction spending declined 1 % in February, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.179 trillion. Spending was down in a monthly basis in 15 of the 16 nonresidential subcategories. Private nonresidential spending fell 0.9%, while public nonresidential construction spending was down 1.2% in February. “Virtually every nonresidential construction segment experienced a decline in spending in February,” said ABC Chief Economist Anirban Basu. “In certain instances, the monthly decline was sharp, including healthcare (-2.2%), commercial (-1.9%) and water supply (-1.8%). … Read more

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Construction Costs Set to Increase by 3-6% in 2024

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U.S. construction costs are set to increase by 3-6% in 2024, following an average increase of 4% in 2023. Cost escalation will challenge construction firms, which will need to develop new processes and capabilities to keep costs under control and projects on track. The findings are shared in How to navigate 2024: Balancing challenge with opportunity, a report published by Currie & Brown. The company also forecasts significant variation in cost escalation between major cities. For example, construction costs in Chicago, Illinois are predicted to rise 3.5% in 2024, compared to 6% in Phoenix, Arizona. This means that a $10-million … Read more

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