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From the category archives: Economics

Public Nonresidential Construction Up in July

National nonresidential construction spending declined 0.3 percent in July, according to an ABC analysis of U.S. Census Bureau data. Total nonresidential spending stood at $748.8 billion on a seasonally adjusted, annualized rate in July, an increase of 5.3 percent from the same time last year. Private nonresidential spending fell 1 percent in July, while public nonresidential spending expanded 0.7 percent. Read the rest of entry »

July Construction Unemployment Rates Down in Every State Year Over Year

For the second time this year, estimated July construction unemployment rates fell in every state and nationally on a year-over-year basis, according to an analysis of U.S. Bureau of Labor Statistics data released by ABC. The July 2018 not seasonally adjusted national construction unemployment rate fell 1.5 percent to 3.4 percent from July 2017. At the same time, the construction industry employed 303,000 more workers nationally compared to July 2017, according to BLS statistics. Read the rest of entry »

Construction Material Prices Inch Down in July

Prices for inputs to construction fell 0.2 percent in July but are 9.5 percent higher than a year ago, according to an ABC analysis of U.S. Bureau of Labor Statistics data. Nonresidential construction input prices increased fell 0.3 percent in July but are up 9.6 percent year over year. Softwood lumber prices are up 19.5 percent from July 2017, while iron and steel prices are up 13.4 percent. Read the rest of entry »

Treasury Releases Additional Guidance for Tax Compliance Under New Law

Earlier this month, the U.S. Department of Treasury and the Internal Revenue Service announced proposed rules to provide critical guidance on the implementation of the Tax Cuts and Jobs Act. The proposals would affect tax provisions affecting the construction industry, including temporary 100 percent expensing, the 20 percent deduction on qualified business income for pass-through entities and the implementation of the repatriation transition tax under section 965 as it relates to U.S. shareholders with accumulated foreign earnings. Read the rest of entry »

Construction Adds 19,000 Jobs as Unemployment Plummets in July

The U.S. construction industry added 19,000 net new jobs in July after adding 13,000 net new jobs in June, according to an ABC analysis of data supplied by the U.S. Bureau of Labor Statistics. The industry has added 308,000 net new jobs since the first of the year, a robust increase of 4.4 percent. Read the rest of entry »

Nonresidential Construction Spending Dips in June

Nonresidential construction spending contracted 1.6 percent on a monthly basis in June, according to an ABC analysis of U.S. Census Bureau data. Spending totaled $742.4 billion on a seasonally adjusted annual rate for the month, a 4.2 percent increase from the same time one year ago. Private nonresidential spending fell 0.3 percent in June, while public nonresidential spending contracted by 3.5 percent. Read the rest of entry »

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 »
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