Nonresidential Construction Spending Ticks Higher in November, Down Year-Over-Year, ABC Says

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WASHINGTON, D.C. – Nonresidential construction spending expanded .6 percent in November, totaling $719.2 billion on a seasonally adjusted basis, according to an Associated Builders and Contractors analysis of data released by the U.S. Census Bureau. Despite the month-over-month expansion, nonresidential spending fell 1.3 percent from November 2016. Private nonresidential construction spending is down 3.1 percent year-over-year, while public sector spending has increased 1.7 percent over the same period. Spending in the manufacturing and power categories, two of the larger nonresidential subsectors, fell by a combined $21.7 billion over the past year. “The November report represented a stark reversal of preexisting … Read more

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ABC Chief Economist Predicts Stable 2018 Construction Economy

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WASHINGTON, D.C. – Associated Builders and Contractors Chief Economist Anirban Basu predicts stability for the construction industry’s economy and expanding nonresidential construction spending in 2018. While construction project backlog and contractor confidence remain high heading into the new year, Basu warns there are risks to the 2018 outlook as a number of potential cost increases could come into play. “With wage pressures building, healthcare costs surging and fuel prices edging higher, inflation is becoming more apparent,” Basu said. “That could translate into some meaningful interest rate increases in 2018, which all things being equal is not good for construction spending. … Read more

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Construction Jobs Numbers Rebound in November

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WASHINGTON, D.C. – The nation’s construction sector added 24,000 net new jobs in November, representing a 0.3 percent month-over-month increase, according to an Associated Builders and Contractors analysis of Bureau of Labor Statistics data recently released. Nonresidential construction employment added 8,600 net new jobs in November, a figure that would have been substantially higher were it not for heavy and civil engineering, which lost 7,800 for the month. In October, nonresidential construction firms shed 3,600 net positions. The construction industry unemployment rate increased by 0.5 percentage points and now stands at 5 percent. While this increase is likely due to … Read more

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Hurricane Recovery Helps Construction Unemployment Rate Hit Lowest October Mark on Record

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WASHINGTON, D.C. – The not seasonally adjusted national construction unemployment rate was 4.5 percent in October, down 1.2 percent from a year ago, the U.S. Bureau of Labor Statistics reported. It was the lowest October rate on record, matching the rate in 2006, according to analysis released today by Associated Builders and Contractors. Further, the construction industry employed 180,000 more workers than in October 2016. Construction unemployment rates were also down in 44 states on a year-over-year basis, unchanged in one (South Dakota) and up in five states. “Recovery from the various hurricanes that hit the United States appeared to … Read more

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ABC Highlights Construction Worker Shortage during National Apprenticeship Week

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WASHINGTON, D.C. — Associated Builders and Contractors commends the U.S. Department of Labor for declaring Nov. 13-19 National Apprenticeship Week. It’s the third consecutive year that business, labor, government, education and other partners are highlighting the tremendous job opportunities apprenticeships provide and the need for an infusion of Americans to pursue a skilled trade. “The construction industry has a critical shortage of skilled workers,” said ABC President and CEO Michael Bellaman, who this week participated in his first meeting as an appointee of the Trump administration’s newly created Task Force on Apprenticeship Expansion. “ABC is thankful for the Department of … Read more

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