Dodge Momentum Index Moves Higher in June

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NEW YORK, N.Y. – The Dodge Momentum Index grew .8 percent in June to 165.5 (2000=100) from the revised May reading of 164.2. The momentum index 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. In June, the commercial component of the momentum index moved 1.1 percent higher, while the institutional component eked out a .3 percent gain. June’s advance marks the fifth straight monthly increase for the momentum index, which is now nearing a ten-year high, and […]

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Construction Material Prices Increase Steadily in June, Says ABC

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WASHINGTON, D.C. – According to a recent Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics data, construction material prices rose another .8 percent in June and are 9.6 percent higher than they were at the same time one year ago. June represents the latest month associated with rapidly rising construction input prices. Nonresidential construction materials prices effectively mirrored overall construction prices by rising .9 percent on a month-over-month basis and 9.8 percent on a year-over-year basis. “In general, this emerging state of affairs is unfavorable,” said ABC Chief Economist Anirban Basu. “Rapidly rising materials prices interfere with […]

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Workforce Challenges Continue to Impact Construction Industry as 9 of 10 U.S. Contractors Report Skilled Labor Shortage

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Findings from the recently released Q2 2018 USG Corporation + U.S. Chamber of Commerce Commercial Construction Index show four straight quarters with more than 90 percent of contractors concerned over labor shortages. Concerns increased quarter-over-quarter, with 47 percent of respondents expecting problems finding skilled workers to worsen in the next six months. “Contractors’ pipelines for new business are consistently healthy, however, that optimism is challenged by a growing shortage of workers – a trend that’s persisted for more than a year,” said Jennifer Scanlon, president and CEO of USG Corporation. “In order to sustain the strong pipeline of work, it’s important […]

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Construction Spending Reaches Record High

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Construction spending reached a record level of $1.309 trillion in May as monthly increases in residential and public investment outweighed a decline in private nonresidential outlays, according to an analysis of new government data by the Associated General Contractors of America. Association officials warned, however, that continued labor shortages and rising materials costs threaten future growth in demand. “Public construction spending has increased strongly for the past nine months and is now at the highest level since 2010, led by a rebound in infrastructure investment,” said Ken Simonson, the association’s chief economist. “Single-family home building is continuing to expand, while […]

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May Construction Unemployment Rates Down Year Over Year in 45 States, Says ABC

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WASHINGTON, D.C. – Estimated May construction unemployment rates fell in 45 states on a year-over-year basis, rose in four states and were unchanged in one state (Alabama), according to an analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors. The May 2018 not seasonally adjusted  national construction unemployment rate fell 0.9 percent from May 2017 to 4.4 percent, the lowest May rate on record. At the same time, the construction industry employed 291,000 more workers nationally than in May 2017. “May proved to be an excellent month for construction employment, despite the ongoing shortage of […]

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