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From the category archives: Economics
ABC reports that its Construction Backlog Indicator contracted to 9.04 months during the third quarter of 2018, down 8.4 percent from the second quarter and 4.3 percent lower than the same time last year. “Construction backlog reached its highest level ever during the second quarter,” said ABC Chief Economist Anirban Basu.
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Construction materials prices fell 1.8 percent in November, according to ABC's analysis of U.S. Bureau of Labor Statistics data. Despite the monthly decline, materials prices are still 5.3 percent higher than they were on a year-over-year basis.
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Construction employment expanded by 5,000 net new jobs in November, according to an analysis of U.S. Bureau of Labor Statistics data conducted by ABC. During the past 12 months, the industry has added 282,000 net new construction jobs, which translates into a 4 percent increase in total industry-wide employment.
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ABC Chief Economist Anirban Basu forecasts another strong year for construction sector performance, yet warns about inflationary pressures, according to a 2019 economic outlook published in
Construction Executive magazine.
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National nonresidential spending increased 0.1 percent in October, according to an ABC analysis of U.S. Census Bureau data. Total nonresidential spending for the month stood at $763.8 billion on a seasonally adjusted annualized rate, which represents a 7.3 percent increase over the same time last year.
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Estimated October construction unemployment rates fell nationally and in 45 states on a year-over-year basis, according to ABC’s analysis of U.S. Bureau of Labor Statistics data. While the October 2018 not seasonally adjusted national construction unemployment rate fell 0.9 percent from a year ago to 3.6 percent, the construction industry employed 318,000 more workers nationally compared to October 2017, according to BLS statistics.
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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.
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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.
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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.
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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.
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