Construction + Economy

Construction employment declined in all but 19 communities nationwide this June as compared to June-2008, according to a new analysis of metropolitan-area employment data released today by the Associated General Contractors of America. The analysis, which ranks the 12-month construction employment change reported by the Bureau of Labor Statistics for 352 metro areas, shows that [...]

That’s the title of this article by The Wall Street Journal, which reveals how difficult credit conditions have become for some developers. The developer of Destiny USA, a shopping mall in Syracuse, NY, recently won a lawsuit against Citigroup to preserve its previously approved loan. Citigroup had been trying to cancel the loan, citing weak [...]

After showing signs of stabilization over the last three months, the Architecture Billings Index (ABI) plunged nearly five points in June. As a leading economic indicator of construction activity, the ABI reflects the approximate 9-12 month lag time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the June ABI rating [...]

Feeling the effects of the struggling overall U.S. economy, nonresidential construction spending is expected to decrease by 16% in 2009 and drop by another almost 12% in 2010 in inflation-adjusted terms. Commercial projects will see the most significant decrease in activity. In contrast, most institutional building categories are expected to see much more modest declines [...]

Construction spending during May 2009 was estimated at a seasonally adjusted annual rate of $964 billion, about 1% below the revised April estimate of $972.5 billion and 11.6% below the May 2008 estimate of $1,090.7 billion. During the first five months of 2009, construction spending reached $368.8 billion, nearly 12% below the $417.5 billion for [...]

There has been a recent moderation in the downturn in design services billings, but the American Institute of Architects’ (AIA) Architecture Billings Index (ABI) reveals that an economic recovery has stalled. As a leading economic indicator of construction activity, the ABI reflects the approximate 9- to 12-month lag time between architecture billings and construction spending. [...]

The number of newly built single-family homes on the market shrank to 297,000 units in April, thinning supplies to their lowest level since May 2001, according to government figures released in late May. The report noted that the pace of new-home sales held virtually even with the previous month, at a seasonally adjusted annual rate [...]

The U.S. Census Bureau of the Department of Commerce recently announced that construction spending during April 2009 was estimated at a seasonally adjusted annual rate of $968.7 billion, 0.8% (±1.3%) above the revised March estimate of $961.3 billion and 10.7% (±1.8%) below the April 2008 estimate of $1,085.2 billion. During the first 4 months of [...]

Builder confidence in the market for newly built, single-family homes improved for a second consecutive month in May to the highest level since September of 2008, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI rose two points to 16 for the month. “The fact that the May HMI [...]