Construction Economic News
Finally, Megaprojects Galore ConstructConnect announced today that April 2022's volume of construction starts, excluding residential work, was $52.6 billion, an increase of +50.7% (i.e., by half) versus March’s figure of $34.9 billion (previously reported as $34.4 billion).
Clichés are often true and it is the case that a picture can be worth a thousand words.
Turmoil in the stock markets, an inflation rate that won’t quit and interest rates that have only just begun their journey higher failed to deter robust U.S. jobs growth in April. The Bureau of Labor Statistics, in its April Employment Situation report, asserts that total U.S. employment climbed upwards by 428,000 positions in the latest month.
Table 1 is a one-place depiction of the key percentage-change metrics for the 2022 Q1 put-in-place construction dollar volume statistics from the Census Bureau.
U.S. current (March) inflation of +8.5% year over year for the Consumer Price Index (i.e., known as CPI-U, with the U signifying that it’s for urban consumers) is the highest this century. It’s more than four times greater than the +2.0% figure usually accepted as the desirable target. A little inflation is judged to be a good thing for the economy. By making it easier to pay off loans, it greases the wheels of industry.
Megaprojects Slow to Kick In ConstructConnect announced today that March 2022's volume of construction starts, excluding residential work, was $34.4 billion, an increase of +31.8% compared with February’s figure of $26.1 billion (previously reported as $25.7 billion).