ABC: Construction Hiring Remains Sluggish in May

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The construction industry had 245,000 job openings on the last day of May, according to an Associated Builders and Contractors’ analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings increased by 3,000 last month but are down by 130,000 from the same time last year. “Industrywide labor demand continued to be subdued in May,” said ABC Chief Economist Anirban Basu. “The year-to-date construction hiring rate is lower than in any year since the start … Read more

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Nonresidential Construction Spending Down 0.2% in May, Says ABC

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National nonresidential construction spending decreased 0.2% in May, 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 $1.237 trillion. Spending was down on a monthly basis in half of the nonresidential subcategories. Private nonresidential spending was down 0.4%, while public nonresidential construction spending was practically unchanged in May. “Nonresidential construction spending declined for the fourth straight month in May,” said ABC Chief Economist Anirban Basu. “Private sector nonresidential activity remains particularly weak and is down nearly 7% from its January 2023 peak. Manufacturing investment, … Read more

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Soft Business Conditions Persist at Architecture Firms

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The AIA/Deltek Architecture Billings Index remained in negative territory in May with a score of 47.2, up from 43.2 in April. Any score below 50 indicates a billings decline, although this month’s score indicates that somewhat fewer firms reported a decline in billings in May than in April. Inquiries into new work increased this month for the first time since January, reflecting the modest degree of stabilization in the economy recently. However, the value of signed design contracts continued to decline, indicating that while clients are starting to explore new projects, they remain hesitant to sign a contract committing to … Read more

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ABC: Tariffed Construction Materials Prices Rise in May

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Construction input prices increased .2% in May compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data released. Nonresidential construction input prices increased .3% for the month. Overall construction input prices are 1.3% higher than a year ago, while nonresidential construction input prices are 1.6% higher. Prices decreased in 2 of the 3 energy categories last month. Natural gas prices were down 18.7%, while prices for unprocessed energy materials were down 3.5%. Crude petroleum prices increased 1.3% in May. “Construction materials prices continued to increase at a … Read more

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ABC: Contractors’ Backlog Falls Sharply in May

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Associated Builders and Contractors reported that its Construction Backlog Indicator fell to 8.4 months in May, according to an ABC member survey conducted May 20 to June 3. The reading is up .1 months since May 2024. While the South maintains the longest backlog of any region, it was the only one to experience a decline in May. Only the Northeast has longer backlog on a year-over-year basis, while the other three regions experienced annual declines. ABC’s Construction Confidence Index reading for profit margins improved in May, while the readings for sales and staffing levels fell. The readings for all … Read more

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