Construction Employment Picks Up in October, Says ABC

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WASHINGTON, D.C. — The U.S. construction industry added 30,000 net new jobs in October, according to an analysis from the Associated Builders and Contractors of data from the U.S. Bureau of Labor Statistics. The industry has added 330,000 net new construction jobs over the past 12 months, a 4.7 percent increase. Additionally, nonresidential construction employment grew by 13,500 net new jobs in October, with job growth split evenly between the heavy and civil engineering subsector (+7,100) and nonresidential specialty trade (+7,500). Construction unemployment dropped to 3.6 percent in October, 0.5 percentage points lower than the previous month, and 0.9 percentage … Read more

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Nonresidential Spending Retains Momentum in September, up 8.9% Year Over Year

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WASHINGTON, D.C. – National nonresidential construction spending fell 0.3 percent in September but remains historically elevated, according to an Associated Builders and Contractors recent analysis of U.S. Census Bureau data. Total nonresidential spending stood at $767.1 billion on a seasonally adjusted, annualized rate in September, an increase of 8.9 percent on a year-ago basis. Note that August’s estimate was revised almost a full percent higher from $762.7 billion to $769.1 billion, the highest level in the history of the series. Private nonresidential spending increased 0.1 percent in September while public nonresidential spending decreased 0.8 percent for the month. “Virtually no … Read more

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Construction Industry Adds 23,000 Jobs in September, says ABC

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The U.S. construction industry added 23,000 net new positions in September, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. During the last 12 months, the industry has added 315,000 net new jobs, an increase of 4.5 percent. Nonresidential construction employment expanded by 18,600 net jobs on a monthly basis, while the residential sector added just 4,400 net positions. Though construction unemployment rose to 4.1 percent in September, it remains low by historical standards. National unemployment dropped to 3.7 percent across all industries, the lowest rate since December 1969. “For several … Read more

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Projections Reveal Nonresidential Construction Spending to Grow

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Spending on nonresidential buildings nationally increased only modestly last year, barely outpacing inflation in building costs. Halfway through the seventh year of continuous growth for the cyclical construction industry, 2018 might have looked to be the year that the industry would enter another recession. However, when polled at the beginning of this year, the AIA Consensus Construction Forecast Panel—consisting of leading economic forecasters— instead saw acceleration in activity, projecting 4 percent growth in 2018 and a nearly equal 3.9 percent in 2019. “At the halfway point of the year, this panel is even more optimistic,” said AIA Chief Economist Kermit … Read more

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Construction Material Prices Increase Steadily in June, Says ABC

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WASHINGTON, D.C. – According to a recent Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics data, construction material prices rose another .8 percent in June and are 9.6 percent higher than they were at the same time one year ago. June represents the latest month associated with rapidly rising construction input prices. Nonresidential construction materials prices effectively mirrored overall construction prices by rising .9 percent on a month-over-month basis and 9.8 percent on a year-over-year basis. “In general, this emerging state of affairs is unfavorable,” said ABC Chief Economist Anirban Basu. “Rapidly rising materials prices interfere with … Read more

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