Construction Materials Prices up for May, Down for Year

Prices for inputs to construction industries expanded by 1.1 percent in May, the largest month-over-month increase in more than two years and only the third time in the past 10 months that construction input prices have grown on a monthly basis. Year-over-year prices fell by 3 percent in May and have now fallen by more than 3 percent in each of the year’s first five months. The last time this occurred was the third and fourth quarter of 2009. Only three of the 11 key construction inputs—nonferrous wire and cable, crude petroleum and crude energy materials—experienced monthly price increases in May. Read the rest of entry »

49 States See Fall in Monthly Construction Unemployment Rate

The United States economy, along with construction, struggled through the first quarter as the nation was battered with unusually harsh weather. As of the May 29 U.S. Department of Commerce report, real (inflation-adjusted) gross domestic product (GDP) fell 0.7% at a seasonally adjusted annual rate (SAAR). The June 1 construction spending report showed that nominal (current) dollar construction spending was down 0.5% (SAAR), but on a not seasonally adjusted basis was up 3.7% compared to first quarter 2014. Read the rest of entry »

Nonresidential Construction Growth Continues in May

The U.S. construction industry added 17,000 jobs in May according to the June 5 preliminary estimate released by the Bureau of Labor Statistics. April’s estimate was revised downward from 45,000 to 35,000 net new jobs. Nonresidential construction employment increased by 8,200 jobs in May, with nonresidential specialty trade contractors adding 5,600 jobs and nonresidential building employment expanding by 2,600 jobs. Residential construction employment added 8,500 net new jobs for the month.    Read the rest of entry »

Nonresidential Construction Spending Surges in April

Today’s Census Bureau release regarding nonresidential construction spending did not just offer good news about April; it also supplied upwardly revised spending data for both February and March. Nonresidential spending expanded 3.2 percent on a monthly basis in April and spending totaled $646.7 billion on a seasonally adjusted, annualized basis, according to the government’s initial estimate. Nonresidential construction is up by a solid 8.8 percent over the past year, consistent with ABC’s forecast of high single-digit growth. The Census Bureau also revised March’s nonresidential spending figure from $611.8 billion to $626.7 billion, and February’s figure from $613.1 billion to $618.4. Initial estimates suggested that nonresidential construction was sagging during the early months of the year; however, the new data indicate spending has expanded during each of the previous three months. Read the rest of entry »