• CSC20logograyorangenoyear
  • Conference
      • About
        • About the Conference
        • Floor Plan / Sponsor List
        • Sponsors
        • FAQ
        • Contact Us
        • Health & Safety
      • Hotel & Travel
        • Hotel Accommodations
        • Travel Information
      • Attend
        • Why Attend?
        • Registration & Pricing
        • Conference Schedule
        • MCLE Accreditation
        • Speakers
        • Speaker Resources
      • Sponsor
        • Why Sponsor?
        • Sponsor / Inquire
        • Sponsor Resource Center
        • Sponsorship & Advertising
  • News
    • Latest News
  • Subscribe
    • Newsletter Signup
    • Show Updates
  • .
  • Conference
    • About
      • About the Conference
      • Floor Plan / Sponsor List
      • Sponsors
      • FAQ
      • Contact Us
      • Health & Safety
    • Attend
      • Why Attend?
      • Registration & Pricing
      • Conference Schedule
      • MCLE Accreditation
      • Speakers
      • Speaker Resources
    • Sponsor
      • Why Sponsor?
      • Sponsor / Inquire
      • Sponsor Resource Center
      • Sponsorship & Advertising
    • Hotel & Travel
      • Hotel Accommodations
      • Travel Information
  • News
    • Latest News
  • Subscribe
    • Newsletter Signup
    • Show Updates

November 29—December 1, 2023
The Diplomat, Hollywood, FL

Register Sponsor / Inquire
Q
POPULAR SEARCHES
News + Features
News + Features
News + Features
News + Features
News + Features
News + Features

Latest News

August 16, 2022

Construction Spending Falls; Labor/Materials Shortages

“Strong demand for construction is being offset by rising materials prices and labor shortages,” said Stephen E. Sandherr, CEO of the AGC

Latest News
Latest News | News
August 16, 2022

Construction Spending Falls; Labor/Materials Shortages

“Strong demand for construction is being offset by rising materials prices and labor shortages,” said Stephen E. Sandherr, CEO of the AGC

ARLINGTON, VA – Total construction spending fell by 1.1 percent in June as spending on new housing and nonresidential projects declined compared to May, according to an analysis of federal spending by the Associated General Contractors of America. Association officials said that the construction spending figures are being impacted as materials and labor shortages are slowing schedules and increasing the cost of construction.

“Strong demand for construction is being offset by rising materials prices and labor shortages,” said Stephen E. Sandherr, the association’s CEO. “As firms stretch schedules and boost costs to cover rising materials prices it is getting harder for public and private owners to proceed with some planned projects.”

Construction spending, not adjusted for inflation, totaled $1.76 trillion at a seasonally adjusted annual rate in June. That figure was 1.1 percent below the upwardly revised May rate and 8.3 percent higher than in June 2021. Private nonresidential construction spending declined for the fourth month in a row, slipping 0.5 percent from May, although the June rate was 1.7 percent higher than in June 2021.

Public construction spending decreased for the second-straight month, falling 0.5 percent from May but was up 0.4 percent from the year-ago rate. Residential spending fell by 1.6 percent for the month, but it up 15.4 percent compared to last June.

The downturn in nonresidential construction spending was widespread. The largest segment, power—comprising electric, oil, and gas projects—slipped 1.7 percent in June. Spending on commercial construction—warehouse, retail, and farm projects—declined 0.5 percent. Educational construction spending decreased 0.5 percent. Among the five largest segments, only manufacturing construction did not fall.

Association officials urged public leaders to boost investments in training programs that expose new and transitioning workers to high-paying construction career opportunities. And they urged officials at all levels of government to work together to address port backups, shipping shortages and manufacturing challenges that are taxing every point of the construction material supply chain.

“Attracting more people into construction careers and fixing the broken supply chain for key materials will help kick start a number of stalled construction projects,” Sandherr said. “In other words, addressing labor and materials shortages is the best way to boost construction spending.”

Article appears courtesy of the Associated General Contractors of America, Arlington, Va.

Latest News•News

SHARE

Share on Email
Share on Linkedin
Share on Facebook
Share on Pinterest
Share on Twitter
← Previous Article Next Article →
Latest News Latest NewsNews

Construction Adds 15K Jobs

ARLINGTON, VA - The construction sector added 15,000 jobs in April while the sector’s unemployment rate fell to a record low for the month.

Latest News Latest NewsNews

Analysis: New NY Law To Ban Gas In New Buildings

Carol A. Sigmond, partner at Greenspoon Marder LLP, New York, N.Y. is sympathetic to the law’s intent, but has many concerns about the legislation.

Latest News Latest NewsNews

Construction Adds 15K Jobs

ARLINGTON, VA - The construction sector added 15,000 jobs in April while the sector’s unemployment rate fell to a record low for the month.

Latest News Latest NewsNews

Four Cozen O’Connor Attorneys Win Awards

PHILADELPHIA – Four attorneys from Cozen O'Connor have been recognized by The Legal Intelligencer with 2023 Professional Excellence Awards.

Latest News

Latest News Latest NewsNews

Termination Provisions: Avoiding Headaches

HOLLYWOOD, FL - With the topic still hot, Brent N. Mackay agreed to sit down with Third Thursday to offer his continuing thoughts on termination provisions.

Latest News Latest NewsNews

Construction Sheds Jobs

ARLINGTON, VA - The construction sector shed 9,000 jobs in March, the first decrease since January 2022.

Latest News Latest NewsNews

Spotlight – Workplace Safety

ALBANY, N.Y. – Last month, Third Thursday heard from Carol A. Sigmond, partner at New York-based Greenspoon Marder LLP. Sigmond analyzed the fallout from recent NY state legislation to increase penalties for criminal corporate liability.

SHOW INFORMATION

SIGN UP

Register now for the opportunity to connect with thousands of atttendees and vendors

Register
Sponsor / Inquire
FOLLOW US ON
  • Follow
  • Follow
  • Follow
© 2023 Emerald X, LLC. All Rights Reserved.

ABOUT    CAREERS    AUTHORIZED SERVICE PROVIDERS   TERMS OF USE   PRIVACY POLICY