Associated Builders and Contractors’ (ABC’s) Construction Backlog Indicator contracted to 8.1 months during January 2019, down 0.8 months or 9.3 percent compared to the fourth quarter 2018 reading of 8.9 months.
Builder confidence in the market for newly-built single-family homes held steady at 62 in March, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index.
Results from the Q1 2019 USG Corporation + U.S. Chamber of Commerce Commercial Construction Index indicate the labor shortage continues to pose major challenges to the industry, causing firms to ask skilled workers to do more work, struggle to meet deadlines, increase costs for new work, and reject new projects.
According to an Associated Builders and Contractors (ABC) analysis of U.S. Bureau of Labor Statistics data, construction input prices rose 0.9 percent monthly in February and 1.8 percent in the past 12 months.
According to an analysis by the Associated Builders and Contractors of U.S. Bureau of Labor Statistics data, the construction industry lost 31,000 net new jobs in February.
The Dodge Momentum Index — a monthly measure of the initial report for nonresidential building projects in planning — lost 4.4 percent in February, falling to 146.9 (2000=100) from the revised January reading of 153.6.
Total housing starts rose 18.6 percent in January to a seasonally adjusted annual rate of 1.23 million units from a downwardly revised reading in December.
For the eighth consecutive year, construction industry executives say they feel optimistic about the year ahead for their business sector, according to the 43rd Wells Fargo Construction Industry Forecast.
The value of new construction starts in January 2019 advanced 2% compared to December, reaching a seasonally adjusted annual rate of $722.5 billion, according to Dodge Data & Analytics.
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