AGC Data DIGest: September 8-12, 2022
Dodge Momentum Index, ISM, Beige Book send mixed signals about construction activity and outlook
The Dodge Momentum Index slipped 1% in August from a downwardly revised July reading but jumped 17% year-over-year, Dodge Construction Network reported on Thursday. The index “is a monthly measure of the initial report for nonresidential building projects in planning, shown to lead construction spending for nonresidential buildings by a full year. [node:read-more:link]
Seasonally adjusted construction employment in July surpassed the February 2020 level in 33 states, lagged in 15 states and the District of Columbia, and was flat in Michigan and Ohio, according to AGC’s 
Contractors’ input costs declined on balance in July, while bid prices accelerated, according to Bureau of Labor Statistics (BLS) data 
AGC 
Contractors’ input costs rose faster than their bid prices from May to June but bid prices rose faster over the past 12 months, according to Bureau of Labor Statistics data 
Construction employment, seasonally adjusted, totaled 7,670,000 in June, an increase of 13,000 from May and 292,000 (4.0%) year-over-year (y/y) from June 2021, according to AGC’s 
Construction spending (not adjusted for inflation) totaled $1.78 trillion in May at a seasonally adjusted annual rate, down 0.1% from the upwardly revised April total but up 9.7% year-over-year (y/y), the Census Bureau 
Seasonally adjusted construction employment in May topped the February 2020 level in 31 states, lagged in 17 states and the District of Columbia, and was flat in Arkansas and Vermont, according to AGC’s 
Contractors’ bid prices rose at roughly the same rate as their input costs for the first time since September 2020, according to Bureau of Labor Statistics data 