The construction industry has seen gains in employment since April, despite overall declines in spending, as workers were brought back to complete necessary emergency projects and jobs begun prior to the pandemic. For the month of July, total construction employment increased a modest 0.3% to 7.2 million, up from an April low of 6.6 million. While ... READ MORE >
There is no V in housing, but there is in recovery
The strong data for housing starts and permits in June released last week were just the opening act for the V-shaped recovery in housing. Existing home sales increased 4.72 million for June, up 20.7% from the previous month, according to data released on Wednesday by the National Association of Realtors. Existing and pending home sales surged in ... READ MORE >
Housing remains a leader in the economic recovery
Housing continues to be a bright spot in the economy, with housing starts jumping 17.3% in June and housing permits rising 2.1% -- the second straight month of gains following the economic shutdowns of March and April. While the June housing data, released by the Commerce Department on Friday, may have been short of market estimates, the growth in ... READ MORE >
What’s behind the resurgent housing market
With the onset of the coronavirus, a wave of uncertainty overtook the housing market and brought a swift halt to home sales and home building in March and April. But trends in May and June have shown that housing may be in the midst of a V-shaped recovery. After falling for three straight months, both housing starts and building permits rose in May to ... READ MORE >
Infrastructure will remain hot, but beware of projects that could burn your bottom line
Having a large backlog of infrastructure projects is usually a good thing. But as state budgets have been roiled by the COVID-19 pandemic, it is imperative that construction businesses review potential road, highway and civil jobs with an eye toward financial trouble spots. Bond issues around the country have soured amid the coronavirus pandemic, as ... READ MORE >
Housing market follows the severe contraction of the broader economy
The residential construction and home improvement industries, which were so promising heading into 2020, now will be among those sectors hardest hit by the coronavirus. The National Association of Home Builders’ monthly confidence index was in free fall in April, plunging 42 points month over month to a rating of 30 – the largest decline ever in the 30 ... READ MORE >
Construction sector uncertainty shows up in labor, loans and demand data
Slow and uncertain—that is the state of the construction ecosystem right now. The unstable environment for builders has resulted in huge layoffs for their workforce, a disproportionate amount of loans taken under a new SBA lending relief program and a downturn in demand. Many states have shut down all but essential services over the past three weeks as ... READ MORE >