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Construction Economic News

Stay up to date on the latest construction economic news and get in-depth analysis and insights from Chief Economist Alex Carrick and Senior Economist Michael Guckes.

Blog Feature

By: Alex Carrick, Chief Economist
December 5th, 2022

Once again, there was little wrong with the U.S. labor market picture in the just-released monthly update from the Bureau of Labor Statistics. November’s jobs creation figure was +263,000, not far off what it’s been in each of the three preceding months.

Blog Feature

By: Alex Carrick, Chief Economist
November 28th, 2022

The current year, 2022, is shaping up to be the best ever for megaproject initiations. Megas are projects carrying an estimated construction value of $1 billion dollars or more each. For many of these projects, there’s also a machinery and equipment component in the total capital spending or investment figure that is often roughly equivalent to the construction cost.

Blog Feature

By: Michael Guckes, Senior Economist
November 22nd, 2022

Wages in the construction and manufacturing sectors continued to push higher early in the fourth quarter of 2022. The average hourly compensation for all employees in the construction sector ended October 2022 at $35.27, an increase of 13.2% from the end of 2019. Similarly, manufacturing wages have increased from $28.16 at the end of 2019 to $31.23 in October, notching a smaller gain of 10.9%.

Blog Feature

By: Alex Carrick, Chief Economist
November 21st, 2022

The U.S. and Canadian central banks are determined to slow their economies enough through interest rate hikes to put a choke hold on inflation (which, by the way, is showing signs of relenting in both countries). The slowing of the economy part of the plan is worrisome because it might bring on recessions of who knows what duration or magnitude.

Blog Feature

By: Alex Carrick, Chief Economist
November 21st, 2022

The accompanying table records the top 10 project starts in the United States for October 2022.

Blog Feature

By: Alex Carrick, Chief Economist
November 21st, 2022

Clichés are often true and it is the case that a picture can be worth a thousand words.

Blog Feature

By: Alex Carrick, Chief Economist
November 21st, 2022

Megaproject Authorizations Remain Upbeat ConstructConnect announced today that October 2022’s volume of construction starts, excluding residential work, was $47.5 billion, a decline of -8.2% compared with September’s figure of $51.7 billion (originally reported as $51.1 billion).

Blog Feature

By: Michael Guckes, Senior Economist
November 18th, 2022

ConstructConnect’s Expansion Index is a monthly measure of the nominal dollar value of planned construction projects compared to the same month one year ago. The Index geographically covers the United States, Canada, and their respective states and metropolitan statistical areas. November’s release, which reports on data collected in the prior month, extended several of the industry trends that ConstructConnect has previously identified.

Blog Feature

By: Alex Carrick, Chief Economist
November 10th, 2022

After a string of months with barely positive or backtracking employment change, Canada struck it rich in October, +108,000 jobs. The biggest portion of the +108,000 gain was provided by services jobs, +63,000 according to Statistics Canada, but manufacturing and construction also had good hiring months, +24,000 and +25,000 jobs, respectively.

Blog Feature

By: Alex Carrick, Chief Economist
November 8th, 2022

ConstructConnect’s annual construction starts statistics for bricks and mortar retail sites are set out in Graph 1. The history goes back to 2005, and the forecast portion of the chart extends to 2026.