Nonresidential Construction Spending Contracts 0.6% in September, Says ABC

  • Posted on

National nonresidential construction spending contracted 0.6% in September, according to an Associated Builders and Contractors analysis of data published recently by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $791.2 billion for the month. Spending was down in 11 of the 16 nonresidential subcategories, with spending in amusement and recreation unchanged for the month. Both private and public nonresidential spending declined 0.6% in September. “It is not surprising that nonresidential construction spending declined in September,” said ABC Chief Economist Anirban Basu. “Nonresidential construction spending has generally been trending lower for several months and the factors … Read more

Filed under: Economic NewsTagged with: , ,

Nonresidential Construction Employment Expands in October, says ABC

  • Posted on

The construction industry added 84,000 net new jobs in October, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. During the last six months, the industry has added 789,000 jobs, recovering 73% of the jobs lost during earlier stages of the pandemic. Nonresidential construction employment added 59,700 jobs on net in October. All three nonresidential subcategories experienced increases; the largest was registered among nonresidential specialty trade contractors, which added 27,500 positions on net. Heavy and civil engineering added 18,800 jobs while nonresidential building added 13,400. The construction unemployment rate was 6.8% … Read more

Filed under: Economic NewsTagged with: , , ,

From All Systems Go to Deep Recession in 1 Month, Reports ABC

  • Posted on

Associated Builders and Contractors Chief Economist Anirban Basu warned the economic recovery following the COVID-19 outbreak would be quite different for the nonresidential construction industry compared to previous recessions, according to a recently published economic outlook. Normally, construction backlog, which stood at 8.2 months in February, according to ABC’s Construction Backlog Indicator, safeguards the nonresidential construction sector from the early stages of economic downturns, making it the last segment to enter a recession. However, given project shutdowns in parts of Pennsylvania, Massachusetts and California, as well as social distancing and other health requirements, that hasn’t proved true. “Projects are being … Read more

Filed under: Economic NewsTagged with: , , , , ,