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ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels increased in December. All three indices stand above the threshold of 50, indicating expectations of growth over the next six months.
The construction industry added 22,000 net jobs in December, according to an Associated Builders and Contractors analysis of data released today by the U.S. Bureau of Labor Statistics. Overall, the industry has recovered slightly more than one million (92.1%) of the jobs lost during earlier pandemic stages.
“If no news is good news, then this was a fine report,” said ABC Chief Economist Anirban Basu. On a seasonally adjusted annualized basis, nonresidential spending totaled $820.6 billion for the month.
Construction input prices are up 23.5% from a year ago, while nonresidential construction input prices rose 24.5% over that span. All three energy subcategories increased significantly.
“It’s getting better out there,” said ABC Chief Economist Anirban Basu. “While the outlook for construction remains imperfect, extraordinarily low interest rates have created enough appetite for deal-making to push backlog higher and persuade the average contractor that sales, employment and profit margins will climb over the next six months.”
National nonresidential construction spending was up 0.9% in October, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $814.2 billion for the month.
Associated Builders and Contractors’ board of directors elected Stephanie Schmidt, president of Poole Anderson Construction, State College, Pennsylvania, as the 2022 ABC national chair of the board of directors during a meeting at the association’s annual Leadership Institute in Aventura, Florida.
“This report will provide construction leaders with a roadmap to understand how technology and innovation can help their businesses,” said Jack Hineman, vice president of business intelligence at Gaylor Electric Inc., Indianapolis, and chair-elect of ABC’s Construction Technology and Innovation Committee.
Associated Builders and Contractors, and its Alabama chapter, have filed a petition for review with the U.S. Court of Appeals in the 11th Circuit against the Occupational Safety and Health Administration for its COVID-19 vaccination and testing Emergency Temporary Standard, which applies to employers with 100 or more employees.
Construction input prices increased 1.5% in October, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased 1.4% for the month.
