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Business: Page 105
Business
Contractors tell AGC worker shortage remains their top concern despite half having already increased base pay
As we reported yesterday, a majority of construction firms in the U.S. are optimistic about 2016 volumes and plan to hire more workers to meet likely increased demand. But their optimism is significantly tempered by two still-lingering factors: a shortage of available workers to hire and the quality of worker they’re seeing walk through their […]
January 12, 2016
Business
Nearly 2/3 of U.S contractors plan to hire in 2016 due to optimism in several markets, AGC study finds
The vast majority of U.S. contractors have voiced a positive outlook for 2016 and are expecting to hire more workers to meet demand, according to a new survey from the Associated General Contractors of America. Receiving responses from 1,580 construction firms across the country, the AGC’s 2016 Construction Outlook Survey found that 71 percent of […]
January 11, 2016
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February 19, 2025
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
Caterpillar found guilty of stealing trade secrets for creation of excavator quick couplers
Caterpillar has been ordered to pay Miller UK Ltd. nearly $74 million after being found guilty by a federal court in Chicago of stealing trade secrets in order to create its excavator quick coupler lineup. The decision comes five years after Miller filed its lawsuit and was the result of an eight-week trial. “We are disappointed […]
January 4, 2016
Business
Construction spending falls 0.4% in November
Despite continued increases in single-family homebuilding, total construction spending in November dipped 0.4 percent to $1.122 trillion. Spending remains 10.5 percent above the year-ago mark, according to preliminary data from the Commerce Department. Total residential spending rose 0.2 percent to $434 billion in November and is up 11 percent year over year. Private residential rose […]
January 4, 2016
Business
Fluor to diversify offerings with purchase of NetherlandsÂ-based Stork
Headquartered in Irving, Texas, construction giant Fluor Corporation is buying Stork, one of Europe’s oldest industrial companies, founded in 1827. The purchase price for Stork is estimated at $755 million, for a company which specializes in maintenance and modification of large industrial facilities in the oil and gas, chemical, petrochemical, and power generation markets. Stork […]
December 21, 2015
Business
Bonus depreciation, Section 179 tax breaks extended, sent to President Obama for signature
Not only did the bonus depreciation and Section 179 tax breaks come through as expected, current legislation Congress just sent to President Obama extended both measures. Here’s a recap: Under current legislation, the bonus depreciation is extended through 2019. This allows contractors to apply a 50 percent bonus depreciation to any equipment bought during a […]
December 18, 2015
Business
U.S. home starts up 10.5% as labor, lot costs continue to worry builders
The start of construction on homes in the U.S. rebounded in November with gains in both single-family and apartment construction. Following a down October, home starts were up 10.5 percent to a seasonally-adjusted annual rate of 1.173 million in November, according to preliminary data from the Commerce Department. The total is 16.5 percent above the November […]
December 16, 2015
Business
Caterpillar group president Ed Rapp to retire due to fight with ALS
Ed Rapp, Caterpillar president of the Resource Industries group, has announced his plans to retire due to a recent diagnosis of Amyotrophic Lateral Sclerosis (ALS). Rapp, 58, has been with the company for 36 years and calls the decision to retire “the toughest choice I have ever faced.” “Early retirement was not part of my […]
December 15, 2015
Business
Contractors mulling lawsuit against city of New Orleans over local-hiring ordinance
City officials in New Orleans are contending with the ire of both supporters and opponents of a new law in the city that requires contractors on city jobs to hire more local workers. According to a report from The Times-Picayune, the City Council approved the law in October, requiring contractors to “make a good faith […]
December 8, 2015
Business
John Deere profits fall 40% in 2015; will cut 220 workers in Moline as low equipment demand is expected to continue
With decreased demand for both agriculture and construction equipment impacting the company, John Deere saw massive decreases in both profit and sales in fiscal year 2015. Deere sales fell 20 percent during the fiscal year, which ended Oct. 31, to $29 billion. Profit fell 40 percent to $1.940 billion, beating the company’s forecast which it dropped to $1.8 […]
December 1, 2015
Business
Construction spending rises 1% to 8-year high in October
Though homebuilding has been mostly responsible for the rise of construction spending over the last year, in October it was matched by nonresidential projects, a combination that boosted total spending to an eight-year high. Spending rose 1 percent in October to a seasonally adjusted annual rate of $1.107 trillion, according to preliminary data from the Commerce […]
December 1, 2015
Business
Intern awards showcase students who will shape construction industry’s future
When contractors talk about the lack of skilled construction labor, they’re usually referencing laborers and equipment operators. But there’s another lack that is just as troubling to many of the contractors I talk with: the people needed to run a company, especially when there’s no apparent next generation. Which is why I found being […]
November 27, 2015
Business
You probably pay your operators more than the Navy pays SEALs. So why don’t you get more out of them?
In a recent conversation with a group of contractors the subject of operator pay came up. As is typical, the contractors thought they were paying top dollar, but often getting lackadaisical performance in return. So I asked if anybody knew what the average Navy SEAL makes. As it turns out, the pay difference between SEALs […]
November 26, 2015
Business
Announcing the 12 finalists in our 2016 Contractor of the Year awards
We are proud to announce the 2016 finalists for our Contractor of the Year program, now in its 16th year. Sponsored by Caterpillar since 2000, the Contractor of the Year program honors 12 finalists during a weekend event that includes the March 6th NASCAR Kobalt Tools 400 race at the Las Vegas Motor Speedway. Held […]
November 25, 2015
Business
Caterpillar to close Kentucky plant, cut 50 jobs
As part of the company’s ongoing, extensive cost-cutting plan, Caterpillar announced over the weekend that it would close its Danville, Kentucky, facility. According to the Northern Kentucky Tribune, Cat will close the facility, which manufactures track-type undercarriage components, and move production to “other locations.” The closure and transition are expected to be completed by 2017. A […]
November 23, 2015
Business
U.S. home starts fall 11% in October; builder confidence dips first time in 5 months
With the start of construction on both single-family homes and apartment complexes down in October, total U.S. home starts fell 11 percent during the month. Home starts fell to a seasonally-adjusted annual rate of 1.060 million, according to preliminary data from the Commerce Department. That total is down 1.8 percent over the same time last year. […]
November 18, 2015
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