Well, Well, Well: The sobering impact of unplugged oil, gas wells
Construction employment totaled 7,464,000 in January, the most since January 2008. A report on construction spending showed an increase of 4.5 percent year-to-date for the first 11 months of 2018 combined, compared to the same period in 2017. Year-to-date spending rose by 3.9 percent for residential construction, 3.5 percent for private nonresidential construction and 7 percent for public construction.
The unemployment rate for jobseekers with construction experience in January was 6.4 percent, down from 7.3 percent in January 2018. The number of such workers fell to 638,000 from 707,000 a year earlier. Both figures were the lowest for January since those series began in 2000. For more information, visit www.agc.org or call (703) 548-3118.
NCCER releases new construction superintendent certification program
NCCER has released a new superintendent assessment and is partnering with FMI® to offer a joint certification to qualified professionals in the superintendent field.
The assessment was developed in conjunction with subject matter experts for professionals whose primary role is to oversee the operations of a construction site from planning to completion. This joint certification encompasses both the NCCER assessment and the FMI Field Leadership Institute, which provides hands-on interactive education and experiences.
While the skilled worker shortage has gained much attention over the past few years, it is vitally important the industry also addresses the impact on frontline supervisory and management roles. Over a third of construction managers are estimated to retire in the next three years, and that jumps to over half of the industry's management workforce by 2026. It is critical to begin training now since it can take anywhere from four to nine years for a new superintendent to gain acceptable competency and experience, and even longer to reach seasoned professional level.
For more information, visit www.nccer.org/superintendent.
Construction job market surges, says ABC
Construction employment expanded by 52,000 net new jobs in January, according to an ABC analysis of data released by the U.S. Bureau of Labor Statistics (BLS). Industry employment is up by 338,000 net jobs on a yearly basis, which represents an increase of 4.7 percent.
Construction industry unemployment rose to 6.4 percent, up from December but 0.9 percentage points lower than in January 2018. BLS also revised its estimate for December 2018 construction employment to 28,000 net new jobs, down from 38,000.
"Today's jobs report counters concerns that confidence had fallen far enough to jeopardize broader economic momentum," said Anirban Basu, ABC chief economist. "Today's numbers also help to dampen any emerging concerns regarding a recession in the near term."
For more information, visit www.abc.org or call (202) 595-1505.
Construction input price declines carry into 2019
Construction input prices fell 0.7 percent on a monthly basis in January, yet are up 1.6 percent year-overyear, according to an ABC analysis of U.S. Bureau of Labor Statistics. Construction input prices have declined for three consecutive months and in four of the previous six months.
Seven of the 11 subcategories monitored in the data experienced price declines in January. Energy-related prices experienced the most precipitous declines, with natural gas prices falling 32.2 percent and unprocessed energy materials prices slipping 19 percent.
"What a difference a year makes," said ABC Chief Economist Anirban Basu. "In early 2018, contractors and their customers were being hammered by rapid increases in materials prices. Not only were prices rising, but there were concerns about the availability of certain precious commodities, including domestically produced steel."
For more information, visit www.abc.org or call (202) 595-1505.