Amidst rumblings of a new recession, many industry experts are predicting a good year for construction. CMD (formerly Reed Construction Data) is forecasting a 6.5% rise in construction starts over the previous year. Dodge Data and Analytics is projecting a slightly more conservative 6% increase.
While the news is positive, not all markets will see the same gains. CMD’s Expansion Index evaluates key indicators of non-residential construction starts in markets across the nation and gives them a rating based on overall potential. Shrinking markets are those that receive a score of 1.0 or less. Expanding markets score 1.0 or greater. The busiest markets with ratings of 5.0 or greater are deemed hot spots.
The 2016 commercial construction hot spots according to CMD’s 18-month Expansion Index are: Read more
The debate about when construction will rebound is over. Sure, fluctuations still happen month to month. But compared to a few years ago, building is back, in all forms. According to the National Association of Home Builders (NAHB) August 17 report, “Components measuring current and future home sales also rose to or remained at new heights not seen since late 2005.”
The same can be said about commercial construction. “Nonresidential construction spending has been recovering robustly in the U.S. in recent months - up more than 11 percent on a year-over-year basis,” said Associated Builders and Contractors Chief Economist Anirban Basu.
Construction’s recent reboot is not without a few hiccups. A few factors stand in the way of sustained growth. And at the top of that list a labor shortage. Despite plenty of Read more
$25 billion in non-residential construction starts in March marked a 32.4% climb over February numbers according to the just released Construction Industry Snapshot by CMD Group, formerly Reed Construction Data. The positive number in March confirms an upward trend in construction spending, but falls short of the same period last year when spending increased by 40.3%. For comparison, the long-term February-to-March increase has been 6.0%. See the full report from CMD here.
Graph courtesy of CMD Group
Effective January 1, 2015, OSHA has revamped its requirements for reporting specific injuries and hospitalizations. In addition to notifying the Occupational Safety and Health Administration (OSHA) of all work-related fatalities within 8 hours, employers under federal OSHA will be required to notify the administration within 24 hours when an employee suffers a work-related hospitalization, amputation or loss of an eye. This new rule resembles the CAL/OSHA rule already in place.
Current regulations require an employer to report only work-related fatalities and in-patient hospitalizations of 3 or more employees. Reporting single hospitalizations, amputations, or loss of an eye is not required.
Learn more about the new notification requirements now at OHSA.com.
According to a Hireology.com (based on statistics from the U. S. Bureau of Labor Statistics), there are 80 million young adults in the U.S. today who were born between 1976 and 2001. This group is commonly known as the millennial generation. And, as baby boomers continue to retire from the workplace, millennials are taking their place. It’s estimated that by 2020, millennials will comprise 46 percent of the U.S. workforce. The transition has many future-minded employers looking for new ways to attract top new talent.
Multiple studies have been conducted to determine millennials’ most wanted career Read more
The Bureau of Labor Statistics (BLS) released December’s employment numbers today. Not surprisingly, it reported a decline in construction employment by 16,000 jobs. In November, construction employment rose by 17,000.
Historically, December has always seen low levels of construction employment. In an interview with Forbes, Bankrate.com Washington Bureau Chief Mark Hamrick said that the wave of inclement weather in December likely played a role in the decline. He noted that new Read more
With the building season winding down, it’s a good time to look back at how construction in 2013 stacked up against industry predictions and look ahead to 2014.
U.S. Construction Growth
In October 2012, McGraw-Hill Construction’s Dodge Outlook report predicted U.S. Construction would see an uptick of 6%, bringing construction to $483 billion in 2013. The August 2013 update shows that for overall growth, the McGraw-Hill prediction was spot on. Here’s a breakdown of how sectors within construction performed this year compared to projections.
Single Family Housing
McGraw-Hill predicted an increase of 21% more units and a 24% increase in revenue. Building is on-track to outpace those predictions, with 28% growth. The increase is due Read more
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The national outlook for the construction industry remains positive, though some regions are outpacing others on the road to recovery. As new projects get started across the country, here’s a look at where the U.S.’s current and future construction hot spots lie.
The Big Apple Gets Bigger
New York City leads the way, according to a recent report from Forbes.com. The City (and its NY and NJ suburbs) remains strong in residential and non-residential development. Two massive Read more
For the first time since 2008, unemployment in the in construction industry has dropped below double digits to 9.8 percent. The Bureau of Labor Statistics confirmed the addition of 195,000 jobs for June, 13,000 of which were in construction. Gains in construction were offset by the loss of 6,000 manufacturing jobs. The national unemployment rate remained at 7.6 percent.
Investing in Construction
June’s job growth comes on the heels of a recent industry-wide increase in construction Read more
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