Construction pay continues to increase as average hourly earnings hits $35.27, as industry officials push for measures to encourage more people to pursue high-paying construction careers
November 27, 2022
The construction industry added only 1,000 employees in October while it continued to boost wages for hourly workers, as firms compete to hire from a small labor pool, according to an analysis by the Associated General Contractors of America of new government data. Association officials said the small increase in construction employment is an indication of how hard it has become for construction firms to find qualified workers to hire.
Construction spending hits $1.811 trillion in September, driven by big boosts in annual manufacturing, lodging & commercial activity, transportation investments lag as regulations bog down infrastructure
November 23, 2022
Total construction spending increased by 0.2 percent for the month of September and by 10.9 percent for the year, as nonresidential construction activity now outpaces residential construction, according to an analysis the Associated General Contractors of America released on Nov. 1 of federal spending data. Association officials noted that gains in public sector transportation construction have lagged other fast-growing segments as officials grapple with Buy America and other new regulatory requirements.
On Oct. 27, the Equipment Leasing & Finance Foundation released the Q4 update to its 2022 Equipment Leasing & Finance U.S. Economic Outlook, forecasting 5.9 percent growth in equipment and software investment and 1.8 percent growth in GDP this year.
Many buyers are riding out the roller coaster in search of an even cooler housing market
November 12, 2022
On Oct. 24, the experts at Zonda, the housing industry's foremost advisors, released the New Home Market Update report for September 2022. The housing market has entered a wait-and-see phase—consumers are trying to decide if it makes sense to buy today or wait.
More than half of U.S. contractors (55 percent) say finding enough skilled workers is one of the biggest barriers to growing their business. Inflation (57 percent), insufficient labor (51 percent) and long hours (37 percent) are the three most significant challenges currently facing U.S. contractors.
Florida has largest pickup in jobs, while North Dakota experiences largest percentage increases, Texas and New Jersey lose the most jobs annually and monthly, Mississippi and Alabama have largest percentage drops
November 10, 2022
Thirty-two states added construction jobs between August and September, and an equal number boosted construction employment during the past twelve months, according to a new analysis of federal employment data released by the Associated General Contractors of America on Oct. 21. Association officials said the job gains were welcome news, but that significant labor shortages in the industry likely held back even larger employment gains.
Construction association cautions that new Buy America rules will only add to the pain by limiting contractors’ ability to bargain on pricing for federally funded infrastructure and building projects
November 2, 2022
The price of materials and services used in nonresidential construction jumped 12.6 percent in September from a year earlier despite a dip of 0.2 percent last month, according to an analysis by the Associated General Contractors of America of government data released Oct. 12. Association officials note that the construction industry was suffering the most from inflation, adding that new Buy America rules set to go into effect as soon as next month will only make the situation more dire.
Construction workers now earn over $35 an hour on average, while the sector’s unemployment rate hits 3.4 percent as association officials call for construction education funding and immigration reforms
October 30, 2022
The construction industry added 19,000 employees in September as it boosted wages for hourly workers at the fastest rate in 40 years, according to an analysis by the Associated General Contractors of America of new government data. Association officials said that even with the pay raises, many contractors are still having a difficult time finding qualified workers to hire.
Construction association officials say demand for housing and developer-financed projects getting crushed by rising interest rates, but infrastructure, power and manufacturing could gain steam soon
October 23, 2022
Total construction spending declined by 0.7 percent in August as spending on new houses turned sharply lower, while public and private nonresidential construction posted mixed results, according to an analysis the Associated General Contractors of America released on Oct. 3 of federal spending data. Association officials said that rising interest rates were hurting demand for housing and many private-sector projects, while the impacts of new federal funding for infrastructure, semiconductor plants and green energy facilities have yet to fully kick in.