Construction Industry in US, Canada Poised for Growth

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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

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Modular Construction Goes Mainstream

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How modular classrooms help with COVID restrictions, supply chain challenges + dwindling workforce By Robert Ussery It’s no longer your father’s classroom… or even yours, for that matter! Modular construction has come a long way in the past few decades. What was once little more than a construction system for quickly building portable classrooms, has evolved into an efficient and cost-effective way to build aesthetically pleasing schools. As a case in point, Otto Construction – a 75-year-old family business based in Sacramento, California – recently completed work on the Rancho Santana School in Hollister, California, about 90 miles south of … Read more

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April Consigli Market Update

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Consigli Construction has released its latest market update. The hopeful trend toward price stabilization and supply chain improvements in early 2022 is now complicated by new challenges. The war in Ukraine has reduced the supply of raw materials, port congestion from China to Los Angeles continues to delay shipments on all goods, while new COVID-19 variants have continued, leading to a forecasted overall escalation of 7-9%. The market report highlighted the following trends: ► Product Availability – Overall demand for materials will remain high with supply moderately low. A recent COVID-19 outbreak in China is slowing chip manufacturing due to … Read more

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Construction Cost Escalation Continues to be Fueled by Volatility in Material and Labor Markets

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Turner Construction Company’s First Quarter Building Cost Index—which measures costs in the non-residential building construction market in the United States—had increased to the value of 1255. This represents a 2.03% quarterly increase from the fourth quarter 2021 and a 7.08% yearly increase from the first quarter 2021. “Overall Supply Chain stability and the ‘return-to-normal’ state has not yet been established. Some key materials continue to be in short supply due to supply chain disruptions in manufacturing and computer chip shortages. Higher transportation costs are due to the rising price of gasoline and diesel fuels,” said Attilio Rivetti, the Turner vice … Read more

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National Association Reports Construction Firms Add 44K Jobs in October, Struggle with Supply Chain Challenges

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The construction industry added 44,000 jobs between September and October as nonresidential construction firms posted back-to-back increases for the first time since January, according to an analysis of government date by the Associated General Contractors of America. Association officials said the employment gains were welcome news but cautioned that employment levels remain well-below pre-pandemic totals as firms struggle with supply chain problems, labor shortages and federal inaction on infrastructure funding. “It is encouraging to see continuing job growth in nonresidential construction but the industry remains far behind the overall economy in recovering all of the job losses from the pandemic,” … Read more

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