Construction Employment Stalls as Industry Unemployment Rate Falls to 4.5%

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Construction employment edged up by 2,000 jobs between March and April as contractors try to find workers in an increasingly tight labor market, according to an analysis by the Associated General Contractors of America of new government data. Association leaders urged officials in Washington to address both short- and long-term worker shortages with expanded permits for foreign-born workers and support for career training and education to enable more workers to acquire the skills for high-paying construction careers. The unemployment rate among jobseekers with construction experience tumbled from 7.7% in April 2021 to 4.6% April 2022, the lowest April rate since … Read more

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PCL Construction Introduced as Construction Manager for Shipyards and Four Seasons

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The Jacksonville Jaguars and Iguana Investments announced that PCL Construction has been named the construction manager for the Shipyards development project, including the Four Seasons Hotel Jacksonville, located in Florida, which is scheduled to break ground later this year along the St. Johns River. PCL’s Four Seasons experience includes the Four Seasons Resort Ko Olina, Four Seasons Resort Whistler, Four Seasons Hotel Toronto and the Four Seasons Resort Lanai. PCL’s team of knowledgeable hospitality experts have constructed and renovated some of Florida’s most iconic hotels and resorts, including The Ritz-Carlton – Amelia Island, The Ritz-Carlton — Naples, JW Marriott Bonnet … Read more

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Nonresidential Construction Employment Dips in April

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The construction industry added 2,000 jobs in April, but nonresidential construction employment decreased by 2,000 positions, according to an Associated Builders and Contractors analysis of data by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 235,000 jobs, an increase of 3.2%. All of the job losses in the nonresidential sector came from the nonresidential specialty trade segment, which lost 6,400 jobs. Nonresidential building and heavy and civil engineering added 3,900 and 500 jobs, respectively. The construction unemployment rate dropped to 4.6% in April. Unemployment across all industries remained unchanged at 3.6% last month. … Read more

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How Labor Shortages & Market Volatility are Impacting Subcontractors

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Billd has released the second annual National Subcontractor Market Report. Last year’s report honed in on the financial reality of subcontractors. Despite having just emerged from a pandemic, last year’s market conditions were perceptibly calmer. This year told a different story. A volatile market threw construction businesses for a loop. Labor shortages became a reality in the industry. Conducted in February, the report investigates how the market changed, the impact of these changes on subcontractors and the attitude they’ve adopted in dealing with them. 767 construction professionals in a variety of trades took the survey from which Billd built this … Read more

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Merger and Acquisition Activity Continues into Early 2022

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Capstone Partners released its April construction services sector update, reporting that surging demand has manifested in heightened construction spending through early 2022, despite elevated input costs and supply chain disruptions. Input cost inflation and production constraints have challenged the sector since the onset of the pandemic, with contractors and professional services providers keenly monitoring profitability and optimizing efficiencies. Public companies in the sector have largely been successful in maintaining margin strength. Merger and acquisition activity in the construction services sector has continued its torrid pace, with 128 transactions announced or completed—surpassing the year-to-date total in 2021 which saw a blistering … Read more

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