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From the category archives: Economics

ABC’s Construction Confidence Index Surges in Q1

Despite ongoing concerns regarding labor force availability and rising interest rates, and emerging concerns regarding tariffs and construction materials prices, construction contractors emerged from the first quarter of 2018 with tremendous confidence, according to the ABC Construction Confidence Index. Each of the three indices—sales, profit margins and staffing levels—increased during the first quarter and remain well above the threshold reading of 50. Read the rest of entry »

ABC’s Construction Backlog Indicator Remains Elevated in First Quarter of 2018

ABC reports that its Construction Backlog Indicator (CBI) contracted to 8.8 months during the first quarter of 2018, down 9 percent from the prior quarter. CBI is down 2 percent on a year-over-year basis. “The Construction Backlog Indicator hit an all-time high during the fourth quarter of 2017,” said ABC Chief Economist Anirban Basu. Read the rest of entry »

Construction Materials Prices Surge Again in May With Largest Monthly Increase in a Decade

Prices for inputs to construction materials expanded 2.2 percent in May and are 8.8 percent higher than at the same time one year ago, according to an ABC analysis of U.S. Bureau of Labor Statistics data. This represents the largest monthly increase in 10 years (since May 2008). Nonresidential construction input prices increased 2.3 percent for the month and 8.9 percent for the year. Read the rest of entry »

Construction Adds 25,000 Jobs in May

The U.S. construction industry added 25,000 net new jobs in May, according to ABC’s analysis of data from the U.S. Bureau of Labor Statistics. This follows a 21,000 net job gain in April (revised upward from 17,000). The industry has gained 286,000 jobs on a year-over-year basis, the largest such increase since April 2016. Read the rest of entry »

April Construction Unemployment Rates Down Year Over Year in 19 States

Estimated April construction unemployment rates fell in 19 states on a year-over-year basis, were unchanged in four states and rose in 27 states, according to an analysis of U.S. Bureau of Labor Statistics data released by ABC. Read the rest of entry »

Nonresidential Construction Remains Unchanged in April

Nonresidential construction spending remained unchanged in April on a monthly basis, according to an ABC analysis of U.S. Census Bureau data. However, year-over-year spending was up a sturdy 6.1 percent. Read the rest of entry »

$1 Billion in Additional Construction Spending Creates 6,300+ Additional Construction Jobs

The employment projections assume that the administration’s $1.5 trillion proposed infrastructure plan, if enacted, will result in $50 billion in additional construction spending in 2019 on top of the baseline construction spending forecast; $150 billion additional spending in 2020; and $200 billion more in 2021. Thus, demand for additional construction workers above the baseline estimate for each year would be 323,000 in 2019, 960,000 more workers in 2020 and 1.3 million more workers in 2021. Read the rest of entry »

Construction Material Prices Surge in April

Prices for inputs to construction materials expanded 1.3 percent in April and are 6.4 percent higher than at the same time one year ago, according to an ABC analysis of U.S. Bureau of Labor Statistics data. This represents the largest month-over-month increase in almost three years and the largest year-over-year increase since October 2011. Prices for nonresidential construction inputs increased 1.6 percent on a monthly basis, and are up 6.3 percent year over year. Read the rest of entry »

Construction Employment Inches Higher in April; Nonresidential Segment Adds 9,000 Net Jobs

Based on recently released data from the U.S. Bureau of Labor Statistics, the U.S. construction industry bounced back in April, adding 17,000 net new jobs, according to an analysis by ABC. Last month, initial estimates showed a 15,000 jobs loss, though that has since been revised upward to a loss of 10,000 jobs. During the past year, the construction industry has added 257,000 new jobs, representing a growth rate of 3.7 percent.  Read the rest of entry »

Nonresidential Construction Down in March; Private Sector Falters, Public Sector Unchanged

Nonresidential construction spending declined 0.3 percent in March, according to an ABC analysis of U.S. Census Bureau data. Nonresidential spending, which totaled $740.9 billion on a seasonally adjusted, annualized basis, has expanded 2.5 percent on a year-over-year basis. February’s spending estimate was revised roughly $10 billion higher, from $732.8 billion to $742.8 billion, rendering the March decline less meaningful. Read the rest of entry »
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