Improving Project Efficiency in the New Year

  • Posted on

Increase productivity, lower costs + reduce waste High inflation and labor shortages is a major challenge for many industries, and no more so than in the construction & engineering sector, where productivity has historically always been low. Should you increase revenue? Difficult, especially in a competitive bidding environment. So, can you reduce costs? Kenny Ingram, vice president of construction and engineering, IFS, argues that C&E firms can improve project efficiency by increasing productivity, lowering costs and reducing waste. And it’s not all just about tackling labor issues – that’s just one interrelated issue, as he explains. The construction industry has … Read more

Filed under: Economic News, eNewsTagged with: , , , ,

Construction Industry in US, Canada Poised for Growth

  • Posted on

After a year of stabilization, the construction industry in the U.S. and Canada is positioned for success in 2024, thanks to strong demand and as the normalization of supply chains and material prices continue. JLL’s new U.S. and Canada Construction Trends 2024 forecast explores the opportunities and challenges facing the construction industry in the year to come. “The industry is ready to successfully meet the challenges of 2024,” said Todd Burns, president, Project and Development Services, Americas, JLL. “With immense housing needs, return to office strengthening and federally backed infrastructure and manufacturing accelerating, the industry is poised for growth despite … Read more

Filed under: Economic News, eNewsTagged with: , , , ,

Unemployment Rate Falls to Lowest Rate for Month, Craft Pay Levels Rise, Says AGC

  • Posted on

The construction sector added 23,000 jobs in June while the sector’s unemployment rate fell to the lowest rate ever for the month and pay levels in the industry continued to rise, according to an analysis of new government data the Associated General Contractors of America released. Association officials said there appears to be plenty of demand for construction services and that employers likely would have added even more jobs if they could find more workers to hire. “There was no letup in demand for construction workers in June, while the supply of available workers remained exceptionally tight,” said Ken Simonson, … Read more

Filed under: Economic News, eNewsTagged with: , , , ,

First Quarter Marcum Construction Index Reports Increasing Costs, Labor & Material Shortages, Rising Interest Rates

  • Posted on

The Marcum Commercial Construction Index for the first quarter of 2022 reports that the construction industry faces increasing costs and shortages of both labor and materials, as well as rising interest rates. The residential sector has maintained its momentum while weakness continues to characterize the nonresidential sector. “While overall contractor confidence has dipped a bit recently, many contractors continue to expect growth in sales, employment and even profit margins over the next six months,” said Anirban Basu, Marcum’s chief construction economist and author of the report. “Despite rising costs of capital, demand for construction services remains elevated. Many contractors report … Read more

Filed under: Economic News, eNewsTagged with: , , ,

Dodge Momentum Index Trips on COVID-19 in April

  • Posted on

The Dodge Momentum Index moved 6 % lower in April to 135.9 (2000=100) from the revised March reading of 144.5. The momentum index, issued by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. Both components of the momentum index pulled back during the month – the commercial component fell 7.6%, while the institutional component dropped 3.2%. COVID-19 had a significant negative impact on the economy in April, touching virtually all sectors — including … Read more

Filed under: Economic News, eNewsTagged with: , , ,