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: , ,

Inaugural Construction Inclusion Week Activities Planned Oct. 18-22

  • Posted on

The inaugural Construction Inclusion Week kicks off on Monday, Oct. 18. Construction Inclusion Week provides five days of engagement to promote inclusion and enable conversations regarding diversity within the construction industry. The theme for the week is “Building the Foundation for Inclusion.” Construction Inclusion Week invites every member of the construction industry to unite to advance diversity, equity and inclusion. More than 1,100 construction industry firms have signed up to participate on http://www.constructioninclusionweek.com. They have access to materials and resources that help foster conversations and bring awareness to diversity, equity and inclusion. The resources enable construction companies of all sizes … Read more

Filed under: NewsTagged with: , , ,

Nonresidential Construction Adds 2,900 Jobs in July, Says ABC

  • Posted on

The nation’s construction industry added 11,000 jobs on net in July, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. Overall, the industry has recovered 886,000 (79.6%) of the jobs lost during earlier stages of the pandemic. Nonresidential construction employment expanded by 2,900 positions on net, though more than 100% of the gains were among nonresidential specialty trade contractors, which added 7,500 jobs. The nonresidential building (-2,500) and heavy and civil engineering (-2,100) segments both lost jobs in July. The construction unemployment rate fell to 6.1% in July. Unemployment across all … Read more

Filed under: Economic News, eNewsTagged with: , ,

U.S. Economy Expands in Q2, Investment in Structures Contracts, Says ABC

  • Posted on

The U.S. economy expanded at a 6.5% annualized rate in the second quarter of 2021, pushing overall gross domestic product above pre-pandemic levels. Investment in nonresidential structures, however, declined 7% for the quarter and has now contracted in six of the past seven quarters, according to an analysis by Associated Builders and Contractors of data released by the U.S. Bureau of Economic Analysis. The overall growth in GDP was almost entirely driven by increases in personal consumption expenditures, with sales of goods increasing by 11.6% and sales of services by 12%. “Today’s GDP report was terrific by normal standards, but … Read more

Filed under: Economic NewsTagged with: , ,

ABC’s Construction Backlog Indicator, Contractor Confidence Index Rise in June

  • Posted on

Associated Builders and Contractors reports that its Construction Backlog Indicator rose to 8.5 months in June, according to an ABC member survey conducted June 20-July 6, 0.5 months higher than in May 2021 and 0.4 months higher than in June 2020. ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels increased modestly in June. All three indices remain above the threshold of 50, indicating expectations of growth over the next six months. “Nonresidential contractors continue to predict a strong rebound in activity over the balance of the year,” said ABC Chief Economist Anirban Basu. “Despite recent weakness … Read more

Filed under: NewsTagged with: , , ,