Archive for October, 2017
Thursday, October 26th, 2017
Article source: ConstructConnect
The U.S. total employment increase since the Great Recession has been quite strong. Most type-of-job categories have bounced back with remarkable resiliency.
There are seven areas within the economy, however, where the jobs improvement has gone well beyond most others. Their employment levels have displayed almost nothing but ascending progressions.
They even moved through 2008-09’s Big Dip relatively unscathed.
Due to their upbeat story, I thought it would be fun to put the seven on display in this article.
Few of the seven will come as a surprise. Most have already received much media attention.
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Tags: Alex Carrick, architect, construct, ConstructConnect, Economy, employ, employment, job
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Monday, October 23rd, 2017
Article source: ConstructConnect
Hurricane Harvey, which first struck southern Texas on Saturday August 25, and Hurricane Irma, which reached landfall in the Florida Keys on Sunday September 10, will ‘muddy’ the economic statistics for months to come. Estimates of the physical damage range widely, with $200 billion as the current outer limit.
Homes, shopping malls, schools, churches, fast-food outlets, abandoned motor vehicles and fragile vegetation were all victimized, to varying degrees, by storm surges, flooding and crushing winds. In the aftermath, restoring power and ensuring the safety of roads and bridges have been the immediate concerns.
Many building material suppliers and contractors, working together with insurance companies and government relief bodies, will be immersed in lengthy rebuilding efforts. The labor availability problem will become more acute.
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Tags: Alex Carrick, architect, build, construct, ConstructConnect, Economist, Economy, job
Comments Off on 13 Mid-September Economic Nuggets
Thursday, October 19th, 2017
Article source: ConstructConnect
Employment and revenues for architecture, engineering and construction have grown modestly for most of 2017. But the signals for the next 12 months are mixed, with architectural billings positive, construction starts uneven and contractors hiring, but worried about finding enough qualified workers. Meanwhile, there is huge uncertainty about the impact of potential changes in tax, infrastructure, immigration and other types of policy. How will these cross-cutting influences play out?
On November 1, three of the industry’s leading economists will come together for the annual Design and Construction Industry Economic Forecast, where they’ll discuss the changing landscape of commercial construction, the opportunities and challenges facing the industry as well as strategic insight on industry trends.
Construct Connect recently spoke to Alex Carrick, Chief Economists for ConstructConnect, for a quick discussion about his thoughts on the current state of the construction industry and where things are heading.
ConstructConnect: How long have you been hosting this webcast, what’s it about and who should attend?
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Tags: Alex Carrick, architect, build, ConstructConnect, Construction, Economist
Comments Off on Chief Economist Alex Carrick Shares Outlook on 2018
Monday, October 16th, 2017
Article source: ConstructConnect
The percentage levels and changes in Table 1 are based on the Census Bureau’s seasonally-adjusted (SA) August 2017 and earlier put-in-place construction statistics. ‘Put-in-place’ as a concept is meant to mirror work-in-process or progress payments as projects proceed.
For each type-of-structure, Table 1 takes the behind-the-scenes put-in-place data and compares the percentage changes of latest-12-months-over-previous-12-months versus latest-three-months-over-previous-three-months (annualized).
If the three-month percent change exceeds the 12-month percent change, then construction activity in that type-of-structure category is considered to be speeding up. A check mark is entered in the far right column. (If the opposite is occurring, a check mark is entered in the ‘slowing down’ column.)
If a type-of-structure category has a latest 3-month percent-change that is negative, but less negative, than its 12-month percent-change, such a circumstance is also considered to be an instance of ‘speeding up’ and warrants a check mark in the right-hand column. (Or, if it’s turning more negative, then it’s ‘slowing down’ further.)
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Tags: Alex Carrick, architect, build, construct, ConstructConnect, Economic, Economist, job
Comments Off on 2 Leading Monitors of U.S. Construction Activity, 1 Public and 1 Private – Early Fall 2017
Friday, October 13th, 2017
Article source: ConstructConnect
August’s Employment Situation report from the Bureau of Labor Statistics (BLS) records a month-to-month increase in U.S. total employment of +156,000.
The +156,000 figure is a little weaker than the seven-month average so far this year of +176,000.
Furthermore, this year’s January-through-August average of +176,000 is -9.2% compared with the +194,000 number for the same time frame last year.
Just the same, +150,000 or more is a benchmark that defines when a jobs report should be greeted with warmth.
The nation’s unemployment rate in August eased back a little to 4.4% from 4.3% in July.
Goods production contributed more towards the total jobs increase in August than is normally the case. Mining, forestry, construction and manufacturing combined for a +70,000 month-to-month jobs gain, or nearly 50% of the +156,000 total.
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Tags: Alex Carrick, ConstructConnect, Economist, Economy, Harvey, Hurricane, job, job report
Comments Off on Average U.S. August Jobs Report Takes Back Seat to Hurricane Harvey
Wednesday, October 11th, 2017
Article source: ConstructConnect
The Bureau of Labor Statistics (BLS) has just delivered a ‘sit up and pay attention’ moment. Its September Employment Situation report records a month-to-month deterioration (-33,000) in the total number of U.S. jobs for the first time in seven years, dating back to September 2010 (-52,000).
Before economy watchers start gnashing their teeth or bemoaning too loudly, the BLS is quick to point out that there was a special circumstance – horrific weather – that caused the employment downfall.
The jobs numbers are derived from a survey of payrolls. Employees in Texas and Florida who missed receiving paychecks early in September due to the fierce onslaughts of Hurricanes Harvey and Irma were accorded out-of-work status.
Hence, September’s jobs numbers fell prey to two unique but in many way twin events. There will almost certainly be distortions in October’s numbers as well, but in the opposite direction, as rebuilding rebound effects come into play. (more…)
Tags: Alex Carrick, architect, build, ContructConnect, Economist, job
Comments Off on U.S. September Jobs Report Delivers a ‘Sit Up and Pay Attention’ Moment
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