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Job fears, price spikes mean heartburn for Biden White House as economy revs up
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Published May 11, 2021 Karen Ducey via Getty Images
This story is part of a series of articles looking at the COVID-19 pandemic s effect on the construction industry and how an expected rebound in construction work later this year could be slowed by a variety of forces. Click here for other articles in the series and check back for more throughout the year.
Dive Brief:
The future of construction in 2022 looks bright, especially in the institutional sector, but contractors will have to overcome a multitude of challenges to enjoy it, based on two bellwether construction reports issued last week.
The Dodge Momentum Index, which rose 8.6% in April, is now at a 12-year high, led by a 77% climb in the institutional category over the last three months. But that positive, which gauges the initial planning of projects and usually precedes actual construction spending by 12 months, was countered by current challenges of soaring mat
The
Construction Monthly Metals Index (MMI) jumped by 12.1% for this month’s reading, as construction spending picked up in March.
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US construction spending rises
US construction spending in March reached a seasonally adjusted annual rate of $1,513.1 billion, the Census Bureau reported.
The March rate marked a 0.2% increase from February and a 5.2% increase from February 2020.
Meanwhile, construction spending in Q1 rose 4.5% year over year to $328.3 billion.
Broken down further, spending on private construction reached a rate of $1,169.2 billion, or up 0.7% from February. Within private construction, residential construction came in at a rate of $725.2 billion, or up 1.7%. Nonresidential construction dipped 0.9% to $444.0 billion.
Seattle area leads nation in construction comeback
Ongoing construction at KeyArena. (Michael Simeona, KIRO Radio)
The Seattle metropolitan area is leading the nation in the construction comeback.
According to new data from the Associated General Contractors of America (AGCA), total construction job employment is up 5% in the past year combined across Seattle, Bellevue, and Everett, the most of any region in the country.
The Seattle metro area added roughly 5,300 total construction jobs over the last 12 months. Just 29% of 358 major metropolitan regions added any such jobs over that period, “while construction employment was stagnant in 51 metro areas,” according to the AGCA.
Amid Recovery, Construction Employment Sees Year-Over-Year Declines
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