ABC: Nonresidential Construction Spending Rises to Highest Level on Record in February

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National nonresidential construction spending increased .3% in February, according to an Associated Builders and Contractors’ analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled roughly $1.2 trillion. Spending was up on a monthly basis in 9 of the 16 nonresidential subcategories. Private nonresidential spending increased .4%, while public nonresidential construction spending was up .2% in February. “Nonresidential spending rebounded in February, rising to the highest level on record,” said ABC Chief Economist Anirban Basu. “A surge in highway and street spending accounted for more than 40% of the monthly increase, and … Read more

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Construction Industry Must Attract 439,000 Workers in 2025, Says ABC

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The construction industry will need to attract an estimated 439,000 net new workers in 2025 to meet anticipated demand for construction services, according to a proprietary model developed and recently released by Associated Builders and Contractors. In 2026, the industry will need to bring in 499,000 new workers as spending picks up in response to presumed lower interest rates. “While the construction workforce has become younger and more plentiful in recent years, the industry still must attract 439,000 new workers in 2025 to balance supply and demand,” said ABC Chief Economist Anirban Basu. “If it fails to do so, industrywide … Read more

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Construction Materials Prices Increase .6%, Steel Surges Nearly 4% in February

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Construction input prices increased .6% in February, according to an Associated Builders and Contractors’ analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also increased .6% for the month. Overall construction input prices are .3% higher than one year ago, while nonresidential construction input prices are .1% lower. Iron and steel, steel mill product and softwood lumber prices all increased sharply in February. “Nonresidential input prices increased at a rapid pace in February and have risen at a far-too-hot 9% annualized rate through the first two months of 2025,” said ABC Chief Economist Anirban … Read more

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ABC: Construction Employment Growth Strong in February

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The construction industry added 19,000 jobs on net in February, according to an Associated Builders and Contractors’ analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has increased by 174,000 jobs, an increase of 2.1%. Nonresidential construction employment increased by 6,200 positions on net, with growth in all three subcategories. Heavy and civil engineering added the most jobs, increasing by 2,500 positions, followed by nonresidential specialty trade, which added 2,000 jobs. Nonresidential building added 1,700 jobs last month. The construction unemployment rate rose to 7.2% in February. Unemployment across all industries increased … Read more

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ABC: Construction Materials Prices Increase 1.4% in January, Up 40.5% Since February 2020

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Construction input prices increased 1.4% in January compared to the previous month, according to an Associated Builders and Contractors’ analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased 0.9% for the month. Overall construction input prices are 1.3% higher than a year ago, while nonresidential construction input prices are 0.7% higher. Prices increased in all three energy subcategories last month. Crude petroleum prices increased 14.8%, while natural gas and unprocessed energy material prices increased 13.7% and 13.0%, respectively. “Materials prices increased at the fastest monthly pace in two years in January,” said ABC … Read more

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