For construction labor, the pain brought on by the recession is being felt in the paycheck. While unemployment remains historically high and contractor backlogs evaporate, most workers see limited increases in wages and fringes, and many are seeing wages frozen or even cut. Photo: Tudor Van Hamptom for ENR Dwindling profits leave little room for firms to reward workers. Related Links: Economics: With Margins Cut to the Bone and No Demand, Costs Are Left With Nowhere To Go Market: More Bad Economic News Dims Industrys Confidence Cement: New EPA Regs Pose Cost Problems Insurance: Recession and Politics Impact Workers Comp
The multi-unit housing sector saw an uptick in starts and building permit activity in August, adding a boost to the otherwise slumping market. Last month, construction began on 13,900 units in buildings with five or more units, according to the U.S. Commerce Dept. That is the highest number of starts since February 2009. Despite the rise in activity, the sector is still down year-to-date, with 67,000 units started in the first eight months of 2010 compared to 74,400 during the same period in 2009. Building permit activity suggests the sector could see some improvement in the future. Applications for 84,500
Cement prices could increase substantially within the next few years because of new regulations from the federal Environmental Proection Agency as well as the state of California’s regulations requiring substantial reductions in CO2 and hazardous air-pollution emissions from domestic cement plants. + Image Photo: put photo credit here photo caption here Related Links: Economics: With Margins Cut to the Bone and No Demand, Costs Are Left With Nowhere To Go Market: More Bad Economic News Dims Industrys Confidence Insurance: Recession and Politics Impact Workers Comp Labor: Wage Settlements Are Between A Rock and a Hard Place Complete Report For now,
The Senate has approved a package of provisions aimed at helping small businesses, including $12 billion in tax breaks and a $30-billion federal fund to stimulate banks to provide more loans to small firms. The measure next goes to the House, which is expected to approve it. The bill also has the support of President Obama. The measure was approved Sept. 16 on a 61-38 vote, as Republicans George LeMieux (Fla.) and George Voinovich (Ohio) joined Democrats in voting for the bill. Key provisions in the bill include a $30-billion Small Business Lending Fund, through which the Treasury will buy
President Obama, continuing to stump for a follow-up round of economic-recovery actions, has proposed letting companies write off the costs of their 2011 capital expenditures in that year, instead of spreading the deductions over a longer period of time. In announcing the "expensing" plan in a speech in Parma, Ohio, on Sept. 9, Obama said that "this will help small businesses upgrade their plants and equipment and will encourage large corporations to get off the sidelines and start putting their profits to work in places like Cleveland and Toledo and Dayton." He also repeated the call he had made two
Is construction accounting headed for a troublesome shake-up? A proposed new rule aimed at aligning financial reporting by construction firms with other industries could bring sweeping changes to long-held, generally accepted accounting principles. Critics warn the new rule could significantly raise administrative costs, open the door to financial manipulation and dampen surety credit. The Financial Accounting Standards Board (FASB), which is the designated private-sector organization in the U.S. that establishes financial accounting and reporting standards, and the International Accounting Standards Board have released a draft standard to create a single revenue-recognition standard across multiple industries, including construction. “The idea is
President Obama’s Labor Day call for a new transportation infrastructure program could move public-works spending closer to the national political debate’s front burner. So far, Obama and White House officials have offered only an outline that doesn’t specify how much they want to spend or precisely how the program would work. Photo: Ap/pablo Martinez Monsivals If the framework were converted to detailed legislative language, it would face a tough path on Capitol Hill this year. For one thing, Obama’s plan quickly drew harsh blasts from congressional Republicans. Moreover, the Hill is on a tight schedule: Only about three weeks remain
Slide Show Construction’s unemployment rate edged downward in August, to 17.0% from 17.3% in July, but unemployment in the industry still remains higher than a year ago and more than double the 2008 level, reports the Bureau of Labor Statistics. BLS says construction added 19,000 jobs in August but that 10,000 of those workers were returning to the job following a strike in July. So far, construction’s jobless rate has been higher than last year in every month except July.
Construction's unemployment rate moved down slightly in August but remains highest among all industries. Construction's unemployment rate edged downward in August, to 17.3%, from 17% in July, but it was slightly worse than the August 2009 level, reports the U.S. Labor Dept.'s Bureau of Labor Statistics. BLS's latest monthly look at the nation's employment picture, released on Sept. 3, says that construction added 19,000 jobs in August, but noted that 10,000 of the jobs gained were workers who returned after a strike in July. Although BLS doesn't say so, it's likely that some or most of those workers were involved
Obama administration officials say the home weatherization program funded by the American Recovery and Reinvestment Act is making gains. Vice-President Joe Biden went to Manchester, N.H., on Aug. 26 to announce the 200,000th home to get energy-efficiency upgrades under the program. "We've hit the accelerator on the weatherization program," Biden said in a statement. He added that the goal is to weatherize 600,000 homes using the economic-stimulus act funding. Biden said more than 80,000 homes are undergoing energy-efficiency improvements this summer, compared with 3,000 in summer 2009. According to the Dept. of Energy, as of Aug. 20 it had awarded
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