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From the category archives: Economics

June Construction Unemployment Rates Down in 15 States Year Over Year

Estimated June construction unemployment rates fell in 15 states on a year-over-year basis, rose in 33 states and were unchanged in two states (Arizona and New Hampshire), according to an analysis of U.S. Bureau of Labor Statistics data released by ABC. Read the rest of entry »

Nonresidential Fixed Investment Surges in Second Quarter

The U.S. economy expanded at an annualized 4.1 percent rate during the second quarter of 2018—the fastest rate of quarterly growth since the second quarter of 2014, according to an ABC analysis of U.S. Bureau of Economic Analysis data. Read the rest of entry »

ABC Predicts Stable Nonresidential Construction Sector for Remainder of Year

ABC Chief Economist Anirban Basu predicts the nonresidential construction sector will remain stable for the second half of 2018, yet warns of a potential economic downturn in 2020, according to a recent mid-year economic outlook published in Construction Executive magazine. Read the rest of entry »

Construction Material Prices Increase Steadily in June

According to an ABC analysis of U.S. Bureau of Labor Statistics data, construction material prices rose another 0.8 percent in June and are 9.6 percent higher than they were at the same time one year ago. Read the rest of entry »

Six Months After Tax Reform, ABC Members Celebrate Effects of Simpler and Fairer Tax Code

The White House celebrated the six-month anniversary of the Tax Cuts and Jobs Act by hosting an event on Friday, June 29. ABC President and CEO Michael Bellaman attended on behalf of the merit shop contracting community, acknowledging the positive effects of the tax code reform. At the event, President Trump took a moment to recognize ABC and several others as significant supporters who helped pass the legislation.  Read the rest of entry »

Nonresidential Construction Spending Remains Elevated in May, But Private Sector Falters

Nonresidential construction spending inched 0.1 percent higher on a monthly basis in May, according to an ABC analysis of U.S. Census Bureau data. Spending, which totaled $749 billion on a seasonally adjusted annual rate for the month, is up 3 percent from the same time last year.   Read the rest of entry »

May Construction Unemployment Rates Down Year Over Year in 45 States

Estimated May construction unemployment rates fell in 45 states on a year-over-year basis, rose in four states and were unchanged in one state (Alabama), according to an analysis of U.S. Bureau of Labor Statistics data by ABC. The May 2018 not seasonally adjusted national construction unemployment rate fell 0.9 percent from May 2017 to 4.4 percent, the lowest May rate on record. At the same time, the construction industry employed 291,000 more workers nationally than in May 2017. Read the rest of entry »

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 »
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