The Marcum Commercial Construction Index for the third quarter of 2022 reports that the construction industry remains constrained by labor shortages and elevated materials prices, but now also faces a rapidly deteriorating economic outlook and severely elevated borrowing costs. While some construction segments retain momentum, there are signs that broader economic weakness have begun to drag on the industry.
The U.S Department of Labor’s Wage and Hour Division announced it will be asking the building construction industries to participate in Davis-Bacon Act wage surveys in FY 2023 to help the agency establish prevailing wage rates, as required under the Davis-Bacon and Related Acts.
Hill International, Inc., delivering the infrastructure of change, on Sept. 20 announced a partnership with the National Urban League. The partnership will focus on increasing diversity in the country’s construction workforce.
Kojo – the construction industry’s leading materials management platform – has been named the winner of the best “SaaS Product for the Construction Industry” by the SaaS Awards.
The National Center for Construction Education and Research, through its Build Your Future initiative, is excited to announce the national expansion of its career exploration tool, CareerStarter. This new program provides direct connections between entry-level job seekers, local training programs and employers.
The construction industry is on the brink of significant change and disruption. As the world continues to adjust and recover from COVID-19’s impact, it now also faces a multitude of pandemic-related macroeconomic factors. Add to that the war in Ukraine, high inflation, interest rate rises, supply chain challenges, increase wage costs and reduced skilled labor availability…and the picture becomes a bit darker.
The price of materials and services used in nonresidential construction fell 1.3% last month, while contractors’ bid prices rose 5.4%, according to an analysis by the Associated General Contractors of America of government data released today. Association officials noted that, despite the monthly decline, materials prices remain high and the availability of certain key materials is erratic.
This morning, Autodesk announced the next phase in its effort to upskill current construction workers and help the industry engage the next generation of prospective recruits.
I often get out in the field to visit clients and prospects, or to work industry trade shows, and the first question always asked of me is, “How do you find workers these days?”