Changes in construction employment are often viewed as an indicator of economic activity. Before a recession, the construction industry typically sheds workers, as developers slow their projects amid a slowing economy. From this perspective, the October jobs report would seem to represent a peak, as ... READ MORE >
Nick Grandy
Biden’s $1.2 trillion infrastructure package and the construction industry
On Nov. 15, President Biden signed a $1.2 trillion infrastructure package—the Infrastructure Investment and Jobs Act—providing historic funding levels to improve public works, including roads, bridges, highways, internet access and the power grid, as well as to mitigate the effects of climate ... READ MORE >
CHART OF THE DAY: Existing home sales surge
Existing home sales surged in July by the most on record, increasing 24.7% from June to a 5.86 million annualized rate. The housing market has been booming as a result of low mortgage rates, which have been hovering around 3%, pent up demand from millennials who have been entering the housing market, and ... READ MORE >
Laying the foundation for construction’s IT future
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 ... 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 ... READ MORE >