State of the Industry

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Total construction spending fell by 1.1% in June as spending on new housing and nonresidential projects declined compared to May, according to an analysis the Associated General Contractors of America released today of federal spending data. Association officials said that the construction spending figures are being impacted as materials and labor shortages are slowing schedules and increasing the cost of construction.

Handing over an organization’s reins to the next generation and transitioning ownership are never easy processes. For optimal results, the ownership transfer and management succession approach starts with identifying, selecting and developing key associates; ensuring that leadership roles are occupied by skilled, engaged individuals; and then cultivating them for success in their new roles.

Construction employment in June continued to trail pre-pandemic levels in more than one-third of the states despite record job openings, according to a new analysis of federal employment data released by AGC.

With its July Market Trends Report, Ritchie Bros. digs into construction and aerial equipment sales through the first half of 2022. In the United States, Ritchie Bros. mix-adjusted price indexes (for April to June) show prices for used large and medium earthmoving categories are up 15% and 20% year over year respectively, while aerial equipment is up 18%.

The U.S. Department of Energy recently released the U.S. Energy Employment Report, an annual report that takes a comprehensive look at national and state-level employment data for the clean energy sector.

Recent increases drove up prices of diesel fuel, building and paving materials, outweighing decreases in metals and lumber costs, while producers have implemented or announced further price hikes.

Where are we at in the industry?