Nonresidential construction spending contracted during January, according to analysis of U.S. Census Bureau released by Associated Builders and Contractors (ABC). Nonresidential spending fell 1.9 percent from December to $698.4 billion on a seasonally adjusted, annualized basis. This represents the first month total nonresidential construction spending dipped below $700 billion since July 2016.
Construction input prices collectively rose by 1 percent on a monthly basis and 3.8 percent on a year-over-year basis, according to analysis of U.S. Bureau of Labor Statistics data released today by Associated Builders and Contractors. This represents the fastest year-over-year rate of materials price inflation since the beginning of 2012. Nonresidential input prices rose 0.9 percent for the month and are up 4 percent year over year.
Overall, confidence in the equipment finance market is 73.4, an increase from the December index of 67.5, according to the Equipment Leasing & Finance Foundation’s January 2017 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). January marks the highest index since the MCI was launched in May 2009 to track recovery after the 2008 downturn.
Construction input prices rebounded in December after experiencing a steep decline in November, according to analysis of U.S. Bureau of Labor Statistics data released today by Associated Builders and Contractors (ABC). Input prices rose 0.4 percent for the month and are up 2.1 percent year over year, the largest 12-month increase in 30 months.
Construction Unemployment Rates Improve in 33 States Year Over Year ABC Analysis Finds Lowest Unemployment Rate in October Since 2006
October not seasonally adjusted (NSA) construction unemployment rates were down in 33 states and the nation on a year-over-year basis, according to analysis released today by Associated Builders and Contractors (ABC). The national NSA construction unemployment rate of 5.7 percent was down 0.5 percent from a year ago, according to data from the Bureau of Labor Statistics (BLS).
September not seasonally adjusted (NSA) construction unemployment rates improved in 32 states and the nation on a year-over-year basis, according to analysis released by Associated Builders and Contractors (ABC). The national NSA construction unemployment rate of 5.2 percent was 0.3 percent lower than a year ago, according to data from the Bureau of Labor Statistics (BLS).
Steel Costs Predicted to Rise After Hitting Record Low Contractors Must Prepare for Increasing Costs of Steel and Steel-Based Construction Equipment
In March, the price of steel in the United States hit record lows, bottoming out after several years of volatile declines. In fact, during the past three years alone, IBISWorld estimates the price of steel has dropped at an annualized rate of 7.1 percent.
The average contractor is less confident regarding business prospects for the next six months, but the nonresidential construction recovery is anticipated to remain in place, according to the latest Associated Builders and Contractors (ABC) Construction Confidence Index (CCI). The diffusion index measures forward-looking construction industry expectations in sales, profit margins and staffing levels, with readings above 50 indicating growth.
Construction backlog for large contractors reached a new peak of 14.06 months during the second quarter of 2016, according to Associated Builders and Contractors’ (ABC) Construction Backlog Indicator (CBI). The new high for companies with annual revenue above $100 million shattered the previous high of 12.25 months for any revenue segment, which was recorded in the first quarter of 2016 and second quarter of 2013.
New construction starts in June decreased 7 percent from the previous month to a seasonally adjusted annual rate of $595.1 billion, according to Dodge Data & Analytics. Nonresidential building registered moderate growth in June after sliding back in April and May. Through the first six months of 2016, total construction starts on an unadjusted basis were $318.1 billion, down 11 percent from the same period a year ago.
Construction backlog among the nation’s largest contractors now stands above 12 months, a record for Associated Builders and Contractors’ (ABC) Construction Backlog Indicator (CBI). The biggest firms with the greatest capacity to attract talent have been able to accept work that others have to turn away due to a market that has stabilized at a comfortable level. However, the industry still faces a skilled worker shortage.
If the economic recovery were likened to a college basketball game, the nation would be in the early to mid-stages of the second half. Mid-June marked the tipoff of the seventh year of economic recovery. Continue »