At a seasonally adjusted annual rate of $513.4 billion, new construction starts in May dropped 5% from the previous month, according to McGraw Hill Construction, a division of McGraw Hill Financial. The reduced pace for total construction starts reflected a moderate loss of momentum for nonresidential building and housing, while the nonbuilding construction sector eased back slightly.The total construction decline followed two months of strengthening activity, although May’s level was still above the lackluster volume registered at the outset of 2014. For the first five months of 2014, total construction starts on an unadjusted basis were $201.5 billion, down 1%
Construction firms added jobs in 40 states and the District of Columbia over the past 12 months and in 30 states and D.C. between April and May, according to a recent analysis of Labor Dept. data by the Associated General Contractors of America. Association officials said the employment gains help, but that construction employment remains below peak levels in every state and the District of Columbia, except North Dakota. “With demand for construction growing in most states, many firms are slowly rebuilding their depleted payrolls,” said Stephen E. Sandherr, the association’s chief executive officer. “But if overall economic growth slows,
Total construction spending edged higher for the third straight month in May, as solid increases in private nonresidential and public construction outweighed a downturn in residential projects, according to new Census Bureau data. Nonresidential construction spending rose 1.1% on a monthly basis in May and has increased 6.4% on a year-over-year basis. Spending for the month totaled $596.2 billion on a seasonally adjusted, annualized basis. Additionally, nonresidential construction spending for April was revised upward from $570.6 billion to $589.9 billion.“The May figures show that construction activity continues to expand, but with lots of variability by month and project type,” said
The Conference Board Consumer Confidence Index, which had increased in May, improved again in June. The Index now stands at 85.2 (1985=100), up from 82.2 in May. The Present Situation Index increased to 85.1 from 80.3, while the Expectations Index rose to 85.2 from 83.5 in May. Consumers’ appraisal of current conditions improved in June. Those claiming business conditions are “good” increased to 23.0% from 21.1%, while those stating business conditions are “bad” decreased to 22.8% from 24.6%. Consumers’ assessment of the job market was also more favorable. Those stating jobs are “plentiful” edged up to 14.7% from 14.2%, while
Overall construction materials prices remained flat in May but are up 1.6% year over year according to the June 13 Producer Price Index release supplied by the U.S. Dept. of Labor. Nonresidential construction materials prices fell 0.2% for the month but are 1.3% higher than at the same time one year ago. “With construction spending expanding only in fits and starts and given recent evidence of disappointing global economic performance, it comes as little surprise that most construction materials prices are not rising,” said Associated Builders and Contractors Chief Economist Anirban Basu. “For the better part of two years, materials
Construction employers added 6,000 workers to payrolls in May as the industry’s unemployment rate dropped to 8.6%, its lowest May level in six years, according to an analysis of new government data by the Associated General Contractors of America. “Even with five straight months of construction employment gains, the industry remains vulnerable to sudden shifts in demand,” said Ken Simonson, the association’s chief economist. “Should Washington allow federal highway funding to come to a halt as predicted later this summer, the sudden loss of billions of dollars worth of demand would cost many construction workers, as well as workers from
Parsons Brinckerhoff has named Jason Longsdorf director of planning in the firm's Denver office. Longsdorf will manage the environmental, transportation planning and placemaking staff. He previously served as PB's regional environmental director. Longsdorf will also oversee development of planning and environmental work for PB's offices in Austin, Texas; Houston; Dallas; Tempe, Ariz.; Albuquerque; and Salt Lake City. Related Links: ACEC/CO Honors Outstanding Engineers HCC Presents Annual Industry Awards James A. Brady has been appointed chief operating officer at Denver's Wilson & Co., Engineers & Architects. Brady has 24 years of experience in transportation planning and design. He has been with
New construction starts in April rose 3% to a seasonally adjusted annual rate of $533.7 billion, according to McGraw Hill Construction, a division of McGraw Hill Financial. The increase maintained the upward movement established in March, which followed sluggish activity at the outset of 2014. By major sector, April gains were reported for nonresidential building and housing, while nonbuilding construction (public works and electric utilities) retreated. Through the first four months of 2014, total construction starts on an unadjusted basis came in at $153.8 billion, unchanged from the same period a year ago.April’s data raised the Dodge Index to 113
Members of the Associated Builders and Contractors Rocky Mountain Chapter were recognized in May by their peers within the commercial construction industry at the annual ABC Safety and Scholarship Awards Banquet held at the Marriott City Center in downtown Denver. The Safety Training and Evaluation Process (STEP) awards are granted by ABC National based on applications. The awards are given in four categories—silver, gold, platinum and diamond. They are based on 20 key elements of a contractor’s safety program that include safety policies, employee commitment and training, management commitment and budgeting.Member firms receiving the highest awards of the evening were
The Architecture Billings Index (ABI) has reverted into negative territory for the last two months. As a leading economic indicator of construction activity, the ABI reflects the approximate nine- to 12-month lead-time between architecture billings and construction spending. The American Institute of Architects reported the March ABI score was 49.6, up slightly from a mark of 48.8 in March. This score reflects a decrease in design activity (any score above 50 indicates an increase in billings). The new projects inquiry index was 59.1, up from the reading of 57.9 the previous month.The AIA has added a new indicator measuring the trends in new
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