Author: agcnews

In a recent video, AGC of America Chief Economist Ken Simonson highlighted key findings from the 2024 Construction Industry Hiring and Business Outlook Survey, sponsored by Sage. The survey, which gathered nearly 1,300 responses, reveals that contractors remain optimistic about the overall construction industry, although slightly less so than the previous year. Notably, there is a strong sense of optimism regarding infrastructure and federal spending categories, reflecting the anticipated influx of funds from the Infrastructure Investment and Jobs Act and other recent legislation. However, contractors express significant concerns over high interest rates, which are expected to continue constraining developer-financed sectors…

New Industry Outlook Shows Firms Are Counting on Public Sector, Data Center and Manufacturing Construction to Offset Declines in Retail, Lodging & Office Work; Two-Thirds of Firms Plan to Hire; Many Worry about Inflation Construction contractors have a decidedly mixed outlook for 2024 as firms predict transitions in demand for projects, the types of challenges they will face and the technologies, including artificial intelligence, they will embrace according to survey results the Associated General Contractors of America and Sage released today. Amid these changes, contractors are struggling to cope with significant labor shortages, the impacts of higher interest rates and input costs,…

Dallas-Plano-Irving, Texas, and Baton Rouge, La. Lead in Job Gains While Orange-Rockland-Westchester, N.Y. Experiences Worst Losses; Construction Association Prepares to Release Survey Reporting Mixed Conditions Construction employment declined in almost a quarter of metro areas between November 2022 and November 2023 as demand tapered in some parts of the country and labor shortages made it hard for contractors to fill vacancies, according to an analysis by the Associated General Contractors of America of new government employment data. Association officials said the new data is consistent with the results of the 2024 Construction Hiring & Business Outlook survey that AGC and Sage will release this Thursday.…

New Spending Data Comes as Construction Association Gets Ready to Release Industry’s Predictions for Construction Spending Trends in 2024, Need for New Workers & Planned Investments in AI and Other Tech Total construction spending increased by 0.4 percent in November, as a pickup in homebuilding and some private nonresidential markets offset a downturn in public spending, according to an analysis of federal spending data the Associated General Contractors of America released today. Association officials said the new spending data comes as they and Sage are getting set to release the 2024 Construction Hiring & Business Outlook this Thursday that includes…

Texas and Kentucky Top Rankings of Year-over-Year Increases, While New York and North Dakota Lag; Texas and Oklahoma Lead in Monthly Gains, While New York, Ohio, New Jersey Experience Largest Declines Construction employment increased in 34 states and the District of Columbia in November from a year earlier, while 28 states added construction jobs from October to November, according to a new analysis of federal employment data released by the Associated General Contractors of America today. Association officials noted fewer states added construction jobs in November than other recent months, but contractors are mostly upbeat heading into 2024. “The number of states with…

New Mandate will Make it Even Harder for Construction Firms to Build Projects, will Undermine Efforts to Diversify the Construction Industry and will Punish Taxpayers, Association Warns The Chief Executive Officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in response to the release today of a new Biden administration rule imposing government-mandated project labor agreements on federal construction projects valued at $35 million or more: “The president’s new and unlawful mandate to impose government-mandated project labor agreements for the vast majority of federal construction projects is another example of this administration doing everything…

In this episode, AGC of America’s chief economist Ken Simonson becomes your guide through the bustling landscape of construction economics, trends shaping the industry, sound projections for the upcoming year, and how all of the above can impact builders and stakeholders. Tune in to see what contractors can expect in 2024! Guest:Ken SimonsonChief EconomistAGC of America Subscribe to the DataDIGest: marketplace.agc.org/Store/ItemDetai…roductCode=4401

Check out the video recap showing an event in Kansas City with The Builders, a chapter of the AGC highlighting the Culture of CARE at member company JE Dunn’s under-construction project, the new KC Current stadium, which will be the first purpose-built women’s sports facility in the world.

Record October Job Openings Indicate Contractors are Struggling to Attract and Retain Skilled Workers amid Tight Overall Labor Market; Association Officials Call for Investments in Construction Education Construction sector job gains slowed in November as firms added only 2,000 jobs, but wages for hourly employees accelerated and the number of unfilled positions reached record highs in October, the Associated General Contractors of America reported in analyzing government data released today. Association officials said the new figures indicate the slowdown in hiring is likely because of workforce shortages instead of declining need for labor. “The steep rise in pay for craft and other…

Mixed Patterns within Categories Suggest Market is Shifting but Remains Strong Overall; Manufacturing, Power, Education, and Single-Family Spending Pickup Offset Drop in Highway and Multifamily Projects Total construction spending increased by 0.6 percent in October, led by strong gains for manufacturing, power, and education projects as well as single-family homebuilding, according to an analysis of federal spending data the Associated General Contractors of America released today. Association officials noted, however, that spending on other nonresidential segments, including commercial construction and highway and street construction, declined. “It is apparent that the construction market overall remains healthy,” said Ken Simonson, the association’s…