Sector employment rises, unemployment hits new low
Construction employment increased by 16,000 jobs in March and by 246,000 jobs, or 3.4 percent, over the past year, according to a recent analysis of government data by the Associated General Contractors of America.
Construction employment totaled 7,447,000 in March, an increase of 246,000, or 3.4 percent, since March 2018. Average hourly earnings in construction -- a measure of all wages and salaries -- increased 3.3 percent over the year to $30.45. That figure was nearly 10-percent higher than the private-sector average of $27.70.
All construction industry employees averaged 39.9 hours of work per week in March, the highest March rate in the 14-year history of the series. Meanwhile, the number of unemployed jobseekers whose last job was in construction totaled 490,000 in March, a steep decline from the 696,000 such workers in March 2018 and the lowest March total since the series began in 2000.
For more information, visit www.agc.org or call (703) 548-3118.
FMI releases construction outlook
FMI Corp. recently released its first quarter 2019 construction outlook.
Key highlights of the report include:
- Total engineering and construction spending for the U.S. is forecast to increase 3 percent in 2019.
- Spending growth in 2019 is expected to be led by public investment across both nonresidential buildings and nonresidential structures. Current top-performing segments forecast in 2019 include transportation, public safety, educational and manufacturing.
- Key segments that were upgraded into the growth category going into 2019 include education, manufacturing, and highways and streets.
For more information and to access the "FMI North American Construction Outlook," visit www.fminet.com/ construction-outlook.
Construction input prices continue to increase in 2019
Construction input prices rose 1.7 percent in March on a monthly basis, according to an ABC analysis of recently released U.S. Bureau of Labor Statistics data. On a year-over-year basis, construction input prices are up 2.5 percent, and following a stretch of four consecutive months of input price decreases, March was the second straight month prices have risen in the aggregate. Inputs to nonresidential construction also increased by 3.2 percent compared to one year ago.
Input price increases were broad-based. Eight of 11 construction sub-categories experienced price increases. The largest monthly increases were in crude petroleum, unprocessed energy materials, and nonferrous wire and cable.
"Construction input prices failed to rise as expected in 2018, but the last two months have ushered in a new trend," said ABC Chief Economist Anirban Basu.
For more information, visit www.abc.org or call (202) 595-1505.
Contractors expect IoT tech to improve risk management
A new study released by Dodge Data & Analytics, in partnership with Triax Technologies, finds while contractors continue to struggle with construction site risks, they recognize the benefits of using Internet of Things (IoT) to mitigate them. According to the report, "Using Technology to Improve Risk Management in Construction SmartMarket Insight," nearly three-quarters of respondents believe IoT will help them control occupational risks, and about half expect it to reduce risks to the public.
"Contractors are often a skeptical audience, keeping a close eye on the bottom line," said Steve Jones, senior director of Industry Insights Research at Dodge Data & Analytics. "Their enthusiasm for IoT technologies suggests that we may see the project jobsite become much smarter in the next few years."
Respondents reported they are actively collecting key data and, more importantly, using the insights to further their safety and risk practices. More than half of the participants reported they digitally gather (54 percent) or analyze data (59 percent), while 77 percent reported they act upon key safety and risk insights.
For more information and to download the report, visit www.triaxtec.com/riskreport.