Construction Industry Continues to Face High PPI Inflation

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According to the U.S. Bureau of Labor Statistics’ latest release of the Producer Price Index for June, the PPI for final demand experienced a modest increase of .1%, after a decline of .4% in May. This upturn can be primarily attributed to a consistent .2% increase in the index for final demand services, mirroring the previous month’s trend, while prices for final demand goods remained steady. Over the 12-month period ending in June, the unadjusted index for final demand showed a modest advancement of .1%. In June, the index for final demand less foods, energy and trade services saw a … Read more

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Construction Employment Increases in 45 States

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Construction employment increased in 45 states in June from a year earlier, while 33 states added construction jobs from May to June, according to a new analysis of federal employment data released by the Associated General Contractors of America. Association officials said the job gains were welcome, but that widespread construction labor shortages mean many firms would likely have hired even more workers if they could find qualified candidates. Between June 2022 and June 2023, 45 states added construction jobs, while industry employment declined in five states and held steady in the District of Columbia. Texas added the most construction … Read more

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$414M Renovation of Pennsylvania Station Long Island Railroad Concourse Complete

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A $414-million renovation of Pennsylvania Station’s Long Island Railroad Concourse in New York, New York is complete. The project, awarded to Skanska, AECOM and Skidmore, Owings & Merrill by Penn District Station Developer LLC in 2020, aimed to modernize and widen LIRR’s 33rd Street train hall corridor, while maintaining the station’s daily operations and train service. The 27-month design-build project encompassed both the design and construction of the reimagined concourse, with a widened corridor, raised ceiling heights, upgraded lighting and wayfinding, new digital information screens, improved mechanical and electrical systems and new architectural finishes, among other station enhancements. The renovation … Read more

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Building Costs Increase in the Second Quarter of 2023

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Turner Construction Company’s Second Quarter 2023 Turner Building Cost Index — which measures costs in the non-residential building construction market in the United States — had increased to the value of 1365. This represents a 1.19% quarterly increase from the Fourth Quarter 2022 and a 6.39% yearly increase from the Second Quarter 2022. The building costs and price trends tracked by the Turner Building Cost Index may or may not reflect regional conditions in any given quarter. The index is determined by several factors considered on a nationwide basis, including labor rates and productivity, material prices and the competitive condition of … Read more

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Construction Firms Add 23,000 Jobs in June

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The construction sector added 23,000 jobs in June while the sector’s unemployment rate fell to the lowest rate ever for the month and pay levels in the industry continued to rise, according to an analysis of new government data the Associated General Contractors of America released. Association officials said there appears to be plenty of demand for construction services and that employers likely would have added even more jobs if they could find more workers to hire. Construction employment in June totaled over 7.9 million, seasonally adjusted, an addition of 23,000 or .3% from the month prior. The sector has added 198,000 … Read more

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