State of the Industry

RSS

The construction industry will need to attract an estimated 439,000 net new workers in 2025 to meet anticipated demand for construction services, according to a proprietary model developed and released today by Associated Builders and Contractors. In 2026, the industry will need to bring in 499,000 new workers as spending picks up in response to presumed lower interest rates.

After two months of disappointing, declining housing starts and permits - understandable with mortgage rates around 7 percent - the May data was a shocker, according to Tyler Durden of ZeroHedge.

The global drywall and insulation contractor market is expected to grow from $474.33 billion in 2022 to $529.04 billion in 2023 at a compound annual growth rate of 11.5 percent. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short-term.

Construction employment increased in 283, or 79 percent, of 358 metro areas between February 2022 and February 2023, according to an analysis by the Associated General Contractors of America of new government employment data.

Total construction spending decreased by 0.1 percent in February, as declines in single-family homebuilding and public construction outweighed a pickup in private nonresidential construction, according to an analysis by the Associated General Contractors of America April 3 of new federal data.

The U.S. Equal Employment Opportunity Commission released a report entitled “Building for the Future: Advancing Equal Employment Opportunity in the Construction Industry.”