Nonresidential Construction Continues to Add Jobs, Says ABC

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The construction industry added 10,000 net new jobs in October, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 148,000 jobs or 2%. Nonresidential construction employment increased by 4,000 jobs on net in October and is up 2.1% over the past year. On a monthly basis, however, both the nonresidential building and nonresidential specialty trade contractors segments lost jobs, which comports with the recent decline in investment in structures, according to the third quarter gross domestic product release. The construction unemployment rate … Read more

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Month-Long Celebration of Careers in Construction in Full Swing

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Spearheaded by NCCER and Build Your Future, the seventh annual Careers in Construction Month is in full swing this October. Forty states, Guam, the U.S. Virgin Islands and Washington D.C. have filed proclamation requests, making 2019 the highest participation ever for this nationwide observance. The celebration was launched to increase public awareness, inspire the next generation of construction craft professionals and make an impact on the perceptions of a career in construction. The construction industry offers job satisfaction, independence, high skills and many opportunities, yet is facing a critical shortage of workers. One identified barrier to entry for young people … Read more

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ABC Provides Mid-Year Economic Outlook for Nonresidential Construction

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More than 10 years after the end of the most severe financial crisis since the Great Depression, the U.S. economy is again making history by continuing its longest-ever expansion. Nevertheless, emerging weakness in business investment has been hinting at softening outlays, giving commercial and industrial construction contractors cause for concern, according to a mid-year economic outlook by Anirban Basu, chief economist of Associated Builders and Contractors. “Given that every expansion in U.S. history has ended in recession, leaders of construction firms are rightly wondering when the record-setting expansion will end,” said Basu. “Looking at conditions on the ground, it likely … Read more

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Construction Input Prices Rebound in July, Says ABC

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Construction input prices expanded 0.8% in July but are down 0.6% year-over-year, according to a recently released Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also increased 0.8% for the month but have declined 0.3% on a year-ago basis. Much of the year-over-year decline can be explained by plummeting energy prices, including crude petroleum (-20.3%), natural gas (-31%) and unprocessed energy materials (20.9%). The prices of softwood lumber (-19.5%) and iron and steel (-11.1%) are also down significantly since July 2018. “The decline in construction input prices over … Read more

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Construction Contractors Remain Confident as Summer Begins, Says ABC

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U.S. construction industry leaders remained upbeat regarding nonresidential construction’s near-term prospects in May 2019, according to the Construction Confidence Index released by Associated Builders and Contractors. While contractors were slightly less upbeat regarding profit margins and staffing levels compared to April, all three principal components measured by the survey—sales, profit margins and staffing levels—remain well above the diffusion index threshold of 50 in May. Nearly 73% of contractors expect sales to rise during the next six months and 68% expect staffing levels to increase further. The CCI for sales expectations increased from 68.4 to 70.0 in May. The CCI for … Read more

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