The Blog

National nonresidential construction spending increased 0.1% in August, according to an Associated Builders and Contractors analysis of U.S. Census Bureau data. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.22 trillion.

The construction industry had 370,000 job openings on the last day of August, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting.

On Sept. 6, President Joe Biden signed Executive Order 14126 on Investing in America and Investing in American Workers, a new effort by the Biden administration to utilize federal policy to favor unions that is likely to undermine competition to build taxpayer-funded infrastructure projects.

Associated Builders and Contractors has reported that its Construction Backlog Indicator fell to 8.2 months in August, according to an ABC member survey conducted Aug. 20 to Sept. 5. The reading is down 1.0 months from August 2023.

The construction industry had 248,000 job openings on the last day of July, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings decreased by 51,000 last month and are down by 103,000 from the same time last year.

National nonresidential construction spending decreased 0.2% in July, according to an Associated Builders and Contractors analysis of U.S. Census Bureau data. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.21 trillion.

These are exciting times for ABC MA’s training affiliate, the Gould Construction Institute (GCI). And with finding and retaining qualified workers continuing to be the biggest issue in our industry, that translates to exciting times for member companies.

Construction input prices increased 0.4% in July compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data. Nonresidential construction input prices also increased 0.4% for the month.

Associated Builders and Contractors reports that its Construction Backlog Indicator held steady at 8.4 months in July, according to an ABC member survey conducted July 22 to Aug. 6. The reading is down 0.9 months from July 2023.

“A new trend in nonresidential construction is emerging, and it’s not a good thing,” said ABC Chief Economist Anirban Basu. “Despite a bevy of megaprojects in certain parts of the nation, overall nonresidential construction spending appears to have entered a period of stagnation. The flattening of momentum has been apparent for the better part of a year, but the impact of higher interest rates, tighter credit conditions and a softening economy is increasingly apparent in the most recent data, which indicate that aggregate nonresidential construction spending is in decline.