Construction spending totaled $1.273 trillion at a seasonally adjusted annual rate in February, up 0.1% from the upwardly revised January rate and up 3.0% from February 2017, the Census Bureau reported today. Public construction declined 2.1% for the month but increased 1.6% year-over-year (y/y). Of the three largest public segments, highway and street construction fell 0.2% for the month and 5.1% y/y; educational construction slipped 0.5% from January but increased 3.0% y/y; and transportation dropped 2.2% for the month but increased 9.2% y/y, including a 35% y/y jump in state and local airport construction and an 8% decrease in other public transportation (port, transit and passenger rail) construction.
April 03, 2018
Seasonally adjusted construction employment rose in 35 states and the District of Columbia year-over-year (y/y) from February 2017 to February 2018, declined in 14 states and was unchanged in Vermont, an AGC analysis of Bureau of Labor Statistics (BLS) data released today showed.
March 27, 2018
The producer price index (PPI) for final demand in February, not seasonally adjusted, increased 0.3% from January and 2.8% year-over-year (y/y) from February 2017, the Bureau of Labor Statistics (BLS) reported on Wednesday. AGC posted tables and an explanation focusing on construction prices and costs. Final demand includes goods, services and five types of nonresidential buildings that BLS says make up 31% of total construction.
March 23, 2018
Nonfarm payroll employment in February increased by 313,000, seasonally adjusted, from January and by 2,281,000 (1.6%) year-over-year (y/y) since February 2017, the Bureau of Labor Statistics (BLS) reported on Friday. The unemployment rate remained at a 17-year low of 4.1% for the fifth month in a row.
March 16, 2018
President Trump announced on Wednesday that he would impose tariffs of 25% on all imported steel and 10% on all imported aluminum. The impact of tariffs is likely to be severe for construction. "The American Iron and Steel Institute estimates that 43% of U.S. steel consumption goes to the construction industry," the Wall Street Journal reported today.
March 06, 2018
The producer price index (PPI) for final demand in January, not seasonally adjusted, increased 0.6% from December and 2.7% year-over-year (y/y) from January 2017, the Bureau of Labor Statistics (BLS) reported on Thursday.
February 20, 2018
Highway construction prices appear to be rising. The National Highway Construction Cost Index increased 4.2% from March to June 2017 and 3.4% from June to September, according to data the Federal Highway Administration posted in late January. These were the highest quarterly increases since September 2014. The 3.8% increase from September 2016 to September 2017 followed a decrease of 1.6% in the previous 12 months and -1.7% in the 12 months ending in September 2015.
February 14, 2018
Nonfarm payroll employment in January increased by 200,000, seasonally adjusted, from December and by 2,114,000 (1.5%) year-over-year (y/y) in all of 2017, the Bureau of Labor Statistics (BLS) reported on Friday. The unemployment rate remained at a 17-year low of 4.1% for the fourth month in a row.
February 06, 2018
The Tax Cuts and Jobs Act will have diverse impacts on contractors' after-tax income and on demand for construction. In general, contractors taxed as C corporations will benefit immediately from a reduction in the top corporate tax rate from 35% to 21%.
January 30, 2018