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From the category archives: Economics

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 »

Construction Adds 25,000 Jobs in May

The U.S. construction industry added 25,000 net new jobs in May, according to ABC’s analysis of data from the U.S. Bureau of Labor Statistics. This follows a 21,000 net job gain in April (revised upward from 17,000). The industry has gained 286,000 jobs on a year-over-year basis, the largest such increase since April 2016. Read the rest of entry »

April Construction Unemployment Rates Down Year Over Year in 19 States

Estimated April construction unemployment rates fell in 19 states on a year-over-year basis, were unchanged in four states and rose in 27 states, according to an analysis of U.S. Bureau of Labor Statistics data released by ABC. Read the rest of entry »

Nonresidential Construction Remains Unchanged in April

Nonresidential construction spending remained unchanged in April on a monthly basis, according to an ABC analysis of U.S. Census Bureau data. However, year-over-year spending was up a sturdy 6.1 percent. Read the rest of entry »

$1 Billion in Additional Construction Spending Creates 6,300+ Additional Construction Jobs

The employment projections assume that the administration’s $1.5 trillion proposed infrastructure plan, if enacted, will result in $50 billion in additional construction spending in 2019 on top of the baseline construction spending forecast; $150 billion additional spending in 2020; and $200 billion more in 2021. Thus, demand for additional construction workers above the baseline estimate for each year would be 323,000 in 2019, 960,000 more workers in 2020 and 1.3 million more workers in 2021. Read the rest of entry »
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