Construction employment rises to end 2018
WASHINGTON -- According to an ABC analysis of data released by the U.S. Bureau of Labor Statistics, construction employment expanded by 38,000 net new jobs in December. Across the industry, employment is up by 280,000 year-over-year, an in crease of 4 percent.
Nonresidential employment grew by 35,800 net new positions over the previous month, which means the vast majority of construction job growth emerged from nonresidential categories. Nonresidential gains were split evenly between heavy and civil engineering (16,300 added) and nonresidential specialty trade contractors (16,100 added).
Construction industry unemployment rose to 5.1 percent due to a meaningful increase in labor force participation, yet remains 0.8-percent lower than at the same time one year ago. And while unemployment rose to 3.9 percent nationally, wage growth continues to accelerate.
For more information, visit www.abc.org or call (202) 595-1505.
DOT allocates $1.5B in BUILD grants to revitalize infrastructure
WASHINGTON -- U.S. Transportation Secretary Elaine L. Chao has allocated $1.5 billion in discretionary grant funding to 91 projects in 49 states and the District of Columbia. The grants are made through the Better Utilizing Investments to Leverage Development (BUILD) Transportation Grants program to support road, rail, transit and port infrastructure projects across the country.
The BUILD Transportation Grants re-balance a 10-year historical underinvestment in rural communities.
Several selected projects will contribute to America's energy independence. The Permian Basin projects and the Port Arthur Multimodal Rail Expansion and Berth Expansion Project will both contribute to the efficient transportation of domestic energy products.
For more information, visit www.transportation.gov/BUILDgrants or call (202) 366-0301.
Salaries on the rise in construction industry
ALACHUA, Fla. -- Skilled craft professionals continue to earn high wages, according to NCCER's 2018 Construction Craft Salary Survey. More than 130 industrial and commercial construction companies across the U.S., representing over 350,000 employees, participated in the survey.
Of the 32 construction positions surveyed, average annual salaries ranged from $47,700 to $92,500. Professions earning more than $65,000 include boilermaker, mobile crane operator, tower crane operator, millwright, industrial electrician, power line worker, pipe welder, instrumentation technician and combo welder. Additionally, seven more craft areas made more than $60,000 per year. The most significant pay increase was HVAC technician, up 20 percent from previous years, with sheet-metal worker a close second at an 18-percent increase.
For more information, visit www.nccer.org/research or call (888) 622-3720.
FMI releases construction materials market outlook
RALEIGH, N.C. -- FMI Capital Advisors recently released its latest research report, "Understanding the Balance: An Analysis of the 2018 Construction Materials Market and M&A Expectations for 2019." The article discusses key economic factors that affected the 2018 construction materials market.
George Reddin, managing director of FMI's Construction Materials group, stated, "By understanding the major drivers of 2018, construction materials companies can gain a solid understanding of the current market and know what to look for in 2019."
Key findings include that 2018 started off as a strong year for the construction materials (CM) sector, both for performance and M&A activity; as 2018 progressed, CM companies encountered several headwinds resulting in a slowdown of M&A, including cost increases (labor and materials), rising federal interest rates, new tariffs and inclement weather; despite challenges, 2018 will still be remembered as a very good year for most CM producers; and both public and private CM companies remain bullish on their business prospects for 2019.
For more information, visit www.fminet.com or call (919) 787-8400.
