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From the category archives: Economics

Construction Materials Prices Continue to Rise in October

Construction prices rose 0.5 percent in October and are 7.9 percent high than at the same time a year ago, according to an analysis of Bureau of Labor Statistics Producer Price Index data conducted by ABC. Prices for nonresidential construction inputs also increased 0.5 percent on a month-over-month basis and are up by more than 8 percent on a year-over-year basis.  Read the rest of entry »

Construction Employment Picks Up in October

The U.S. construction industry added 30,000 net new jobs in October, according to an analysis by ABC of data from the U.S. Bureau of Labor Statistics. The industry has added 330,000 net new construction jobs over the past 12 months, a 4.7 percent increase. Read the rest of entry »

Nonresidential Spending Retains Momentum in September, Up 8.9 Percent Year Over Year

National nonresidential construction spending fell 0.3 percent in September but remains historically elevated, according to an ABC analysis of U.S. Census Bureau data. Total nonresidential spending stood at $767.1 billion on a seasonally adjusted, annualized rate in September, an increase of 8.9 percent on a year-ago basis. Read the rest of entry »

Nonresidential Fixed Investment Returns to Earth in Q3

The U.S. economy expanded at a 3.5 percent annualized rate during the third quarter of 2018, according to an ABC analysis of U.S. Bureau of Economic Analysis data. This represents the first time there have been two consecutive quarters of 3 percent-plus growth since the beginning of 2015. Read the rest of entry »

September Construction Unemployment Rates Down in 30 States Year Over Year

Estimated September construction unemployment rates fell nationally and in 30 states on a year-over-year basis, according to an analysis of U.S. Bureau of Labor Statistics data released by ABC. The September 2018 not seasonally adjusted national construction unemployment rate fell 0.6 percent from a year ago to 4.1 percent. Read the rest of entry »

Construction Material Prices Rebound in September

Prices for inputs to construction rose 0.3 percent in September and are 7.4 percent higher than a year ago, according to an ABC analysis of U.S. Bureau of Labor Statistics data. Overall prices for nonresidential construction inputs rose 0.4 percent, reversing last month’s downward trend. Among individual subcategories, softwood lumber prices are down 0.4 percent, yet are up 5.4 percent on a year-over-year basis. Crude petroleum and natural gas prices are both up on a monthly basis, 8.7 and 1.1 percent, respectively.  Read the rest of entry »

Construction Industry Adds 23,000 Jobs in September

The U.S. construction industry added 23,000 net new positions in September, according to an ABC analysis of data released by the U.S. Bureau of Labor Statistics.During the last 12 months, the industry has added 315,000 net new jobs, an increase of 4.5 percent. Nonresidential construction employment expanded by 18,600 net jobs on a monthly basis, while the residential sector added just 4,400 net positions.Though construction unemployment rose to 4.1 percent in September, it remains low by historical standards. National unemployment dropped to 3.7 percent across all industries, the lowest rate since December 1969. Read the rest of entry »

August Construction Unemployment Rates Down in 49 States Year Over Year

Estimated August construction unemployment rates fell nationally and in every state except Colorado on a year-over-year basis, according to an analysis of U.S. Bureau of Labor Statistics data released by ABC. The August 2018 not seasonally adjusted national construction unemployment rate fell 1.3 percent from a year ago to 3.4 percent. At the same time, the construction industry employed 287,000 more workers nationally compared to August 2017, according to BLS statistics. Read the rest of entry »

Nonresidential Spending Reaches New High in August

National nonresidential construction spending expanded 0.7 percent in August to its highest level since the U.S. Census Bureau began the data series in 2002, according to an ABC analysis. Total nonresidential spending stood at $762.7 billion on a seasonally adjusted, annualized rate in August, which represents an increase of 8.4 percent compared to one year ago. Private nonresidential spending fell 0.2 percent in August largely due to a 1.3 percent decline in power-related spending and public nonresidential spending increased 2 percent. Read the rest of entry »

ABC Highlights Economic Benefits of Tax Reform on Small Businesses in Congressional Testimony

Larry Lopez, president and chief executive officer of Green JobWorks, Baltimore, and chairman of ABC’s Diversity Committee, testified today before the U.S. House of Representatives Subcommittee on Economic Growth, Tax and Capital Access on how recent economic growth is positively impacting local communities. Lopez outlined how small businesses—which account for the majority of U.S. construction firms—are benefiting because of the Tax Cuts and Jobs Act and other pro-business policies implemented by Congress and the Trump administration. Read the rest of entry »
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