Construction Industry Employment Hits Five-Year High, Reports AGC

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Construction industry employment reached a five-year high in August as the sector added 20,000 jobs and its unemployment rate fell to 7.7 percent, the lowest rate for August in seven years, according to an analysis by the Associated General Contractors of America. Association officials cautioned, however, that the latest figures reinforce survey results the association recently released showing many contractors are having a tough time finding enough qualified workers. “Construction employment growth has been accelerating and is broad-based,” said Ken Simonson, the association’s chief economist. “The increase in the past 12 months was the largest since 2006 and was spread … Read more

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Gilbane's Summer Construction Economics Report Predicts Strong Industry Growth Could Be Slowed by Skilled Labor Shortage

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PROVIDENCE, R.I. — Gilbane Building Company announced the Summer 2014 edition of its in-house economics report, Building for the Future – Construction Economics: Market Conditions in Construction. The report predicts rapid growth coupled with the lack of skilled, experienced labor and the ability to meet schedule will be some of the most important industry issues to address over the next few years. “The good, if not, great news is that the most favorable, forward-looking conditions support expectations for strong industry growth in 2015,” said Ed Zarenski, a Gilbane estimating executive with more than 40 years in the construction business. “Very … Read more

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Construction Employment Increases Between July 2013, July 2014

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Construction employment expanded in 223 metro areas, declined in 72 and was stagnant in 44 between July 2013 and July 2014, according to a new analysis of federal employment data released by the Associated General Contractors of America. As employment grows, 25 percent of firms report labor shortages are forcing them to turn down work according to a new survey conducted by SmartBrief, a curator of business news and custom content, in partnership with the association. “Many construction firms looking to expand their payrolls are finding a surprisingly tight labor market,” said Ken Simonson, the association’s chief economist. “These expanding … Read more

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July Construction Employment Increases, Worker Availability Decreases

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Construction firms added jobs in 39 states from July 2013 to July 2014 and in 34 states from June to July, according to an analysis of Labor Department data by the Associated General Contractors of America. Association officials said the employment gains are good news, but that the pipeline of skilled craft workers, supervisors and other employees appears to be emptying rapidly. “The overall trend in construction employment has been very consistent in 2014, with more than three-fourths of states adding jobs each month on a year-over-year basis,” said Ken Simonson, the association's chief economist. “However, growing numbers of contractors … Read more

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Survey of Equipment Finance Activity Reports on 2013 New Business Volume

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WASHINGTON, D.C. — New business volume grew 9.3 percent in the equipment finance industry in 2013, according to the 2014 Survey of Equipment Finance Activity released by the Equipment Leasing and Finance Association. The growth in volume was down from the 16.4 percent increase reported for 2012 and the 16.5 percent increased reported for 2011, but well above the 3.9 percent increase reported for 2010 and the 30.3 percent decline in 2009. The SEFA, which is based on responses from 109 ELFA member companies, covers key statistical, financial and operations information for the $827-billion equipment finance industry. The report, as … Read more

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