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Tag: Economy
Business
Construction starts forecast to drop 4% in 2020 according to new Dodge Outlook
Construction starts will fall 4 percent in 2020 in the United States in an “orderly pullback,” but there will be no recession, forecasts Dodge Data & Analytics. The firm’s 2020 Construction Outlook, released today, cites trade fights and a labor shortage as the main causes for the construction decline. The decline, however, will be nothing […]
October 31, 2019
Business
PCA economist: Construction economy is good, but Trump’s infrastructure proposals will take time to show benefit
It’s no mirage. “No matter how you look at it, the near-term economy is in good shape,” says Ed Sullivan, senior vice president and chief economist at the Portland Cement Association. Even better, there’s at least a couple more years of strong economic growth ahead, he says. After 2020 the picture is still good, but […]
January 30, 2018
Business
Construction adds 45,000 jobs in December to finish 2015 up 4%
Finishing 2015 with a ninth-consecutive month of employment gains, the U.S. construction industry added 45,000 employees to its workforce in December. The industry now employs 6.538 million Americans, the highest mark since January 2009’s total of 6.567 million, according to preliminary data from the Labor Department. Despite the gains, the industry saw unemployment increase from […]
January 8, 2016
Business
Why an error in the Commerce Department’s construction spending calculation is actually good news
The Commerce Department has announced a revision to 10 years worth of construction spending estimates, correcting a calculation error that will likely lead to a boost in the GDP. “In the November 2015 press release, monthly and annual estimates… for January 2005 through October 2015 have been revised to correct a processing error in the tabulation of […]
January 5, 2016
Business
Economists hail construction as strongest sector of U.S. economy
With construction spending at a 7-year high, single-family home starts up 19 percent year over year, and hiring at pre-recession highs despite a widespread shortage of skilled workers, it’s no secret within the industry that things have picked back up and then some. And though financial analysts have largely taken a wait-and-see approach before hailing the […]
September 16, 2015
Business
Home starts jump 9.8% as apartment construction reaches 28-year high
Thanks to a surge in new apartments, May’s decrease in home construction starts was followed up by a sizable increase in June. Construction on new homes jumped 9.8 percent in June to a rate of 1.174 million, according to preliminary data from the Commerce Department. The rate represents a 26.6-percent increase over June 2014 and the […]
July 17, 2015
Workforce
Construction jobs flat in June; unemployment drops
Following two months of gains, the U.S. construction industry saw no job losses or gains in June. According to preliminary data from the Labor Department, construction employment remained at 6.380 million Americans. The industry’s unemployment rate, however, dropped from 6.7 percent to 6.3 percent. The new data also revised downward the employment figure for May from the previously […]
July 3, 2015
Business
Is the golden age of underground construction upon us?
During the Great Recession, one phrase reached cliché status: “this is the new normal.” In other words, suck it up, things will never be as good as they once were. Get used to diminished returns and don’t dwell on what used to be. So it tends to give you pause when Chris Daum, senior managing […]
June 25, 2015
Workforce
Construction adds 17,000 jobs in May; unemployment drops again
The U.S. construction industry established for itself another streak in jobs gains during May, adding 17,000 jobs for the month. According to preliminary data from the Labor Department, the industry now employs 6.387 million Americans, the most since 2009. The industry’s unemployment rate dropped from 7.5 percent to 6.7 percent. The new data also revised downward the employment figure […]
June 5, 2015
Business
After 40 years in business, Savannah firm J.T. Turner Construction to cease operations
In announcing that Savannah-based firm J.T. Turner Construction Co. Inc. is closing its doors, founder Jim Turner said his company is the latest victim of the recent economic recession. According to a report from the Savannah Morning News, the company suffered from “reduced profit margins in an increasingly competitive environment, as well as investment in several failed […]
March 16, 2015
Workforce
Just about every type of skilled construction profession got a raise last year
Wages for skilled construction workers are up nearly across the board, according to the latest wage survey from the National Center for Construction Education and Research. NCCER surveyed 30 U.S. construction companies and found that 15 of the 17 craft professions included in the study saw wage increases in 2014. As you can see in the graphic […]
February 11, 2015
Workforce
U.S. contractors optimistic about 2015 with 80% planning to make new hires, buy new equipment
After finishing 2014 with employment at nearly a six-year high, hiring within the construction industry is expected to expand at an even faster rate in 2015, according to a new survey and forecast from the Associated General Contractors of America. According to the survey, which solicited response from more than 900 construction firms in 48 […]
January 22, 2015
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