Construction Workforce Shortage Tops Half a Million in 2023, Says ABC

  • Posted on

The construction industry will need to attract an estimated 546,000 additional workers on top of the normal pace of hiring in 2023 to meet the demand for labor, according to a proprietary model developed by Associated Builders and Contractors. ABC’s proprietary model uses the historical relationship between inflation-adjusted construction spending growth, sourced from the U.S. Census Bureau’s Construction Put in Place survey, as well as payroll construction employment, sourced from the U.S. Bureau of Labor Statistics, to convert anticipated increases in construction outlays into demand for construction labor at a rate of approximately 3,620 new jobs per billion dollars of […]

Filed under: Economic NewsTagged with: ,

ABC: Nonresidential Construction Spending Dips .5% in December

  • Posted on

National nonresidential construction spending decreased by 0.5% in December, 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 $943.5 billion for the month. Spending fell on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending was down .5%, while public nonresidential construction spending was down .4% in December.

Filed under: Economic NewsTagged with: ,

Nonresidential Construction Spending Increases 1%, Says ABC

  • Posted on

National nonresidential construction spending grew .9% in November, 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 $930.1 billion for the month. Spending was up on a monthly basis in nine of the 16 nonresidential subcategories. Private nonresidential spending was up 1.7%, while public nonresidential construction spending was down .1% in November.

Filed under: Economic NewsTagged with:

ABC: Florida, Arizona Are Best States for Construction

  • Posted on

For the fourth time, Florida claimed the top spot in Associated Builders and Contractors’ eighth annual Merit Shop Scorecard, a ranking of all 50 states and the District of Columbia based on policies and programs that strengthen career pathways in construction, encourage workforce development and advocate for fair and open competition on taxpayer-funded construction projects. In addition to fostering fair and open competition in public construction work, Florida continues to reap the benefits of providing students with a multitude of career pathways, which in 2022 yielded a graduation rate of 96% for career and technical education program students. Arizona again followed […]

Filed under: Economic NewsTagged with: ,

Commercial, Institutional, Healthcare Construction Drive ABC’s Backlog Indicator to Highest Level Since Q2 2019

  • Posted on

Associated Builders and Contractors’ Construction Backlog Indicator has increased to 9.2 months in November, according to an ABC member survey conducted Nov. 21-Dec. 6. The reading is .8 months higher than in November 2021. View ABC’s Construction Backlog Indicator and Construction Confidence Index tables for November 2022. Backlog is now at its highest level since the second quarter of 2019. The increase in backlog observed in November is largely attributed to contractors with under $30 million in revenue, which now have their highest level of backlog in over three years. ABC’s Construction Confidence Index reading for profit margins and staffing […]

Filed under: Economic NewsTagged with: ,