Nonresidential and Multifamily Construction Spending Slump in March

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Spending on most categories of nonresidential and multifamily construction declined from February to March as contractors struggled to find enough workers and get timely deliveries of materials, according to an analysis the Associated General Contractors of America released regarding federal spending data. Association leaders urged Washington officials to end tariffs on construction materials and widen the opportunities for gaining the skills for rewarding careers in construction. Construction spending in March totaled $1.73 trillion at a seasonally adjusted annual rate, 0.1% above the upwardly revised February rate and 11.7% higher than in March 2021. Private residential construction spending accounted for all … Read more

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Boldt Launches Program to Focus on Mental Health

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Suicide is the leading cause of construction fatalities and suicide rates in the construction industry are four times the national average. According to studies by the Centers for Disease Control, suicide rates in the U.S. working population increased 34% from 2000-16 and is the leading cause of violent death for men in the construction industry. In response to these alarming statistics, The Boldt company implemented a suicide awareness and prevention program in 2021 using peer-to-peer “gatekeepers” to provide help and referrals for co-workers. Today, 88 trained gatekeepers are at jobsites and offices nationwide. They are clearly identified by purple stickers … Read more

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Nonresidential Construction Spending Down 1% in March

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National nonresidential construction spending was down 0.8% in March, 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 $839.2 billion for the month. Spending was down on a monthly basis in 11 of 16 nonresidential subcategories. Private nonresidential spending was down 1.2%, while public nonresidential construction spending was down 0.3% in March. On a year-over-year basis, nonresidential construction spending is up 5.6%, led by 31.9% growth in construction related to manufacturing. “March’s construction spending numbers aren’t adjusted for inflation and are actually worse than … Read more

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April Consigli Market Update

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Consigli Construction has released its latest market update. The hopeful trend toward price stabilization and supply chain improvements in early 2022 is now complicated by new challenges. The war in Ukraine has reduced the supply of raw materials, port congestion from China to Los Angeles continues to delay shipments on all goods, while new COVID-19 variants have continued, leading to a forecasted overall escalation of 7-9%. The market report highlighted the following trends: ► Product Availability – Overall demand for materials will remain high with supply moderately low. A recent COVID-19 outbreak in China is slowing chip manufacturing due to … Read more

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Construction Cost Escalation Continues to be Fueled by Volatility in Material and Labor Markets

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Turner Construction Company’s First Quarter Building Cost Index—which measures costs in the non-residential building construction market in the United States—had increased to the value of 1255. This represents a 2.03% quarterly increase from the fourth quarter 2021 and a 7.08% yearly increase from the first quarter 2021. “Overall Supply Chain stability and the ‘return-to-normal’ state has not yet been established. Some key materials continue to be in short supply due to supply chain disruptions in manufacturing and computer chip shortages. Higher transportation costs are due to the rising price of gasoline and diesel fuels,” said Attilio Rivetti, the Turner vice … Read more

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