Nonresidential starts rise, MHC says; ABI turns negative; industry GDP fell in late 2013Editor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.The value of new construction starts in March increased 7% at a seasonally adjusted annual rate, McGraw Hill Construction (MHC) reported last Monday, based on data it collected. “Nonresidential building picked up the pace [+24%] after its lackluster performance at the outset of this year, while nonbuilding construction managed a moderate gain [6%]. Meanwhile, residential building settled back [-2%] as single-family housing remained sluggish. During the first three months of 2014, total construction starts on an unadjusted basis were…down 2% from the same period a year ago.”
State employment data, Beige Book find widespread increases; starts dip, Reed saysEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.Seasonally adjusted construction employment increased in 38 states between March 2013 and March 2014, decreased in 11 states and the District of Columbia, and remained level in Alaska, an AGC analysis of Bureau of Labor Statistics (BLS) data released Friday showed. The largest percentage gains were in Florida (11%, 41,000); Oregon (11%, 7,800); and Minnesota (10%, 10,200). Florida also led in number of jobs added, followed by California (37,100, 5.9%) and Texas (17,100, 2.8%). New Jersey lost the most construction jobs (-4,600, -3.4%), followed by Kentucky (-1,900, -2.8%) and West Virginia (-1,700, -4.9%). The steepest percentage losses over the year occurred in West Virginia, New Jersey and D.C. (-2.9%, -400).
April 21, 2014
PPIs remain mild; most metros add jobs; ABI ably predicts building activity, AIA findsEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.Sign up for a complimentary webinar on construction outlook on April 17 with me; AIA Chief Economist Kermit Baker; and Reed Construction Data’s Chief U.S. Economist, Bernard Markstein.The producer price index (PPI) for final demand increased 0.7%, not seasonally adjusted (0.5%, seasonally adjusted), in March and 1.4% over 12 months, the Bureau of Labor Statistics (BLS) reported Friday.
April 14, 2014
Construction posts gains in March jobs, February spending; costs accelerate, RLB saysEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.Nonfarm payroll employment increased by 192,000, seasonally adjusted, in March and 2,246,000 (1.7%) over 12 months, the Bureau of Labor Statistics (BLS) reported Friday. Construction employment rose by 19,000 for the month and 151,000 (2.6%) over the year to 5,964,000, the highest total since June 2009. Residential construction employment (residential building and specialty trade contractors) climbed by 9,100 for the month and 103,000 (4.8%) for the year. Nonresidential employment (building, specialty trades, and heavy and civil engineering construction) rose by 9,900 from February and 48,800 (1.3%) year-over-year.
April 07, 2014
37 states added jobs in year ending in February; population growth swings to big metrosEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.Sign up here for complimentary webinar on construction outlook on April 17 with me; AIA Chief Economist Kermit Baker; and Reed Construction Data’s Chief U.S. Economist, Bernard Markstein.Seasonally adjusted construction employment increased in 37 states between February 2013 and February 2014, decreased in 10 states and the District of Columbia, and remained level in Hawaii, Maine, and South Dakota, an AGC analysis of Bureau of Labor Statistics (BLS) data released Friday showed. The largest percentage gains were in Florida (11%, 39,200); Nevada (10.4%, 5,800 jobs); Oregon (9.8%, 7,000); Minnesota (8.1%, 7,900) and Connecticut (7.2%, 3,800).
April 01, 2014
Most states, metros added jobs in latest year; MHC, Reed, ABI differ on activity levelsEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.Seasonally adjusted construction employment increased in 38 states between January 2013 and January 2014, decreased in nine states and the District of Columbia, and remained level in Maine, New Mexico and Rhode Island, an AGC analysis of Bureau of Labor Statistics (BLS) data released last week showed. The largest percentage gains were in Kansas (10.7%, 5,900 jobs); Oregon (9.4%, 6,600); Florida (9.2%, 32,700); Minnesota (9.2%, 8,900) and Alaska (9.1%, 1,500). Florida added the most jobs, followed by California (27,300, 4.4%) and Texas (26,000, 4.3%).
March 24, 2014
PPIs remain mild; commercial construction looks solid, Wells Fargo saysEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.The producer price index (PPI) for final demand increased 0.2%, not seasonally adjusted (but fell -0.1%, seasonally adjusted), in February and 0.9% over 12 months, the Bureau of Labor Statistics (BLS) reported Friday. The PPI for final demand covers not only the prior headline PPI for finished goods (about 34% of total final demand), but also final demand services (64% of the total) and final demand construction (2% of the total). AGC posted an explanation and tables focusing on construction prices and costs. Construction is limited to five types of nonresidential buildings that BLS says make up 34% of total construction.
March 17, 2014
Construction employment, spending hit highest levels since 2009; Beige Book is upbeatEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.Nonfarm payroll employment increased by 175,000, seasonally adjusted, in February and 2,158,000 (1.6%) over 12 months, the Bureau of Labor Statistics (BLS) reported on Friday. Construction employment rose by 15,000 for the month and 152,000 (2.6%) over the year to 5,941,000, the highest total since June 2009. Despite the gain in jobs, aggregate weekly hours fell year-over-year for the first time since April 2011 (-0.5%), indicating severe weather idled many workers. Residential construction employment (residential building and specialty trade contractors) climbed by 1,700 for the month and 101,200 (4.8%) for the year. Nonresidential employment (building, specialty trades, and heavy and civil engineering construction) rose by 12,700 from January and 50,600 (1.4%) year-over-year. All five residential and nonresidential segments added workers for the year. The unemployment rate for jobseekers who last worked in construction fell to the lowest February level in six years ...
March 10, 2014
Starts tumble in January, MHC and Reed say; IIR sees double-digit industrial project riseEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.The value of new construction starts (including residential) tumbled 13%, seasonally adjusted, in January 2014 from December 2013 and 5%, not seasonally adjusted, from January 2013, McGraw Hill Construction (MHC) reported on February 21, based on data it collected. There were “moderate declines reported for nonresidential building [-6% for the month and year-over-year] and housing [-2% for the month, +8% year-over-year], as well as a more substantial loss of momentum [–32% for the month, -19% year-over-year] for nonbuilding construction (public works and electric utilities) after a particularly robust December…
March 03, 2014
Construction PPIs jump in January; housing starts and permits slide; ABI turns positiveEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry.The producer price index (PPI) for final demand increased 0.4%, not seasonally adjusted (0.2%, seasonally adjusted), in January and 1.2% over 12 months, the Bureau of Labor Statistics (BLS) reported last Wednesday. The PPI for final demand covers about twice as much production as the prior headline PPI for finished goods, because the new index includes final demand construction (2% of total final demand) and final demand services (64%), in addition to final demand goods (34%). AGC posted an explanation and tables focusing on construction prices and costs. Construction is limited to five types of nonresidential buildings that BLS says make up 34% of total construction.
February 24, 2014
