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Spending, however, was down on a monthly basis in seven of the 16 nonresidential subcategories, according to an ABC analysis.
Search Results for: Associated Builders and Contractors – Page 2
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Despite the decline in January, backlog remains elevated by historical standards and is 0.1 months higher than in February 2020.
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Construction job openings also increased by 82,000 in December, according to an Associated Builders and Contractors analysis.
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Overall, construction input prices are 7.9% higher than a year ago, while nonresidential construction input prices are 7.6% higher, ABC said.
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Construction input prices fell 0.9% in November but remain 40% ahead of February 2020 pre-pandemic levels.
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Milton Graugnard, EVP of Cajun Industries LLC in Baton Rouge, Louisiana, was elected the 2023 ABC national chair.
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After surpassing its pre-pandemic level in September, backlog is now back below the reading observed at the start of the pandemic, according to ABC.
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On a year-over-year basis, industry employment has risen by 266,000 jobs, an increase of 3.6%, according to Associated Builders and Contractors.
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The construction industry had 422,000 job openings in September, according to an Associated Builders and Contractors’ analysis.
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Construction input prices dipped 0.1% in September compared to the previous month but remained 41% ahead of February 2020 pre-COVID levels.
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Backlog is once again above the level observed at the start of the pandemic, according to the Associated Builders and Contractors.
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Downward pressure on nonresidential spending is likely to only intensify, and the situation looks even worse when adjusting for inflation.
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The ABC analysis comes around the same time it was announced that construction prices rose 2.3% in May compared to the previous month.
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Construction prices rose 2.3% in May compared to the previous month, and construction input prices are up 21.4% from a year ago.
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An Associated Builders and Contractors analysis of Producer Price Index data shows construction input prices are up 24.4% from a year ago.
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But nonresidential construction spending fell 0.7%, according to an Associated Builders and Contractors data analysis.
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The U.S. economy grew in the fourth quarter, but investment in nonresidential structures decreased at an annual rate of 11.4%.
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An Associated Builders and Contractors analysis of Producer Price Index data shows prices increased over November.
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The industry added 22,000 net jobs in December, and the industry has recovered slightly more than 1 million of the jobs lost in 2020.
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The industry added 31,000 net jobs in November, according to an Associated Builders and Contractors analysis of U.S. labor data.
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