Analysis Reports Construction Employment Slips by 20K in May, Supply-Chain Problems Plague Nonresidential Contractors

  • Posted on

Construction employment declined for the third time in the past four months in May as nonresidential contractors coped with lengthening and unpredictable delivery times that limited their ability to start or complete projects, according to an analysis by the Associated General Contractors of America of government data. Association officials added that many contractors report they are having a hard time finding qualified workers to hire as some people remain reluctant to return to work while their children are learning from home, or they are collecting elevated unemployment supplements. “Steadily worsening production and delivery delays have exceeded even the record cost … Read more

Filed under: Economic NewsTagged with: , , ,

Contractor Confidence up Despite Slow Recovery, Finds Marcum Commercial Construction Index

  • Posted on

The Marcum Commercial Construction Index for the first quarter of 2021 reports that the industry has yet to reach the broader economy’s pace of recovery despite elevated contractor confidence. The construction industry has added 917,000 jobs since May 2020, equivalent to roughly 82% of the jobs lost during the initial months of the pandemic. The index is produced by Marcum LLP’s national Construction Services group. “Despite the malaise characterizing a number of commercial real estate segments, contractor confidence increased steadily during the first quarter of 2021,” wrote Anirban Basu, author of the report and Marcum’s chief construction economist. “According to … Read more

Filed under: Economic NewsTagged with: , , , ,

Construction Adds 110K Jobs in March, ABC Says Here Comes Tsunami of Growth

  • Posted on

The construction industry added 110,000 jobs in March, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. The industry has added 931,000 jobs since April 2020, recovering 83.6% of the jobs lost during earlier stages of the COVID-19 pandemic. The construction unemployment rate fell to 8.6% in March from 9.6% in February, but it is still 1.7 percentage points higher than in March 2020. Unemployment across all industries declined from 6.2% in February to 6.0% in March. A significant percentage of the job growth was registered in nonresidential construction, which added … Read more

Filed under: Economic NewsTagged with: , , , ,

Construction Employment Rebounds in March, Rising Costs + More Threaten Outlook Says AGC

  • Posted on

Construction employment climbed by 110,000 in March as the industry recovered from severe winter weather that pushed employment down by 56,000 in February, according to a recent analysis by the Associated General Contractors of America of government data. Association officials said they were encouraged by the recent job gains and the potential for new infrastructure investments. But they cautioned that rising prices and erratic delivery schedules for key construction materials — as documented in their recent Construction Inflation Alert – and continued project cancellations could undermine the sector’s recovery. “The rebound in March is certainly good news, but contractors face … Read more

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

Marcum 4Q Commercial Construction Index Shows Signs of Optimism, Pessimism

  • Posted on

The Marcum Commercial Construction Index for the fourth quarter of 2020 reports that the industry has reasons for optimism and pessimism as it recovers from the recession caused by COVID-19. Total construction employment has rebounded since plummeting in March and April but remains 3.3% below pre-pandemic levels. The index is produced by Marcum LLP’s national Construction Services group.  “Nonresidential construction employment declined by about 644,000 jobs between February and May of 2020 as the pandemic’s grip took firm hold,” wrote Anirban Basu, author of the report and Marcum’s chief construction economist. “As of January 2021, the nonresidential industry had recovered about … Read more

Filed under: Economic NewsTagged with: , ,