Your source for construction industry news in the Carolinas
The headline numbers still suggest a reasonably healthy construction market. Contractors are hiring. Backlog rebounded in August. Confidence remains positive. Billions of dollars continue flowing into major projects across the country. But underneath those numbers, something more important is happening. Construction is increasingly becoming a two-speed economy. One part of the industry is being pulled…
ConstructConnect Projects US Put-in-Place Construction Spending of $2.15 Trillion in 2024 ConstructConnect Chief Economist Michael Guckes released the US Put-in-Place Construction Forecast for Winter 2024 today. According to the report, total put-in-place construction spending for 2024 is expected to reach $2.15 trillion, marking a 6.4% increase from 2023. Although slightly lower than the last quarterly projection of $2.16 trillion, this updated…
With September’s arrival, those who love college football are again enjoying tailgating, touchdowns, the sound of marching bands, and crowds cheering and singing their alma mater. Hope for a conference championship reigns supreme. Nothing beats winning.[1] And then those who get their thrills from politics, cheering crowds, music, and political cheerleaders can enjoy an endless…
The Marcum Commercial Construction Index for the first quarter of 2024 reports that the construction industry continued growing despite various challenges. The index is produced by Marcum’s National Construction Services group. The construction industry continues to benefit from massive investment in manufacturing structures. “Construction spending on manufacturing structures is up 184% over the past four years,” said Anirban Basu,…
News that October existing home sales fell once more, giving a period of decline dating back to January 2022, is a reminder that when the Fed hits the brakes, it is housing and the construction economy that feels the sharpest pain. As National Association of Realtors chief economist Lawrence Yun put it: “More potential homebuyers…
Total construction spending declined by 0.7 percent in August as spending on new houses turned sharply lower, while public and private nonresidential construction posted mixed results, according to an analysis the Associated General Contractors of America released today of federal spending data. Association officials said that rising interest rates were hurting demand for housing and many…
GroundBreak Carolinas compiles economic outlooks and forecasts from leading economists, publications and trade organizations. These resources provide powerful insight and perspectives for leaders in the North Carolina and South Carolina construction industry as they navigate the challenges of operating in a dynamic business. An Economic Rebound: What’s Next: Dr. Bruce Yandle Commercial Real Estate Impact…
GroundBreak Carolinas recently surveyed leaders of design and construction firms to assess their perspectives on the construction economy in North Carolina and South Carolina. The findings are included in the 2021 GroundBreak Carolinas Design and Construction Outlook. A convergence of factors impacted the construction economy negatively in an unprecedented manner in 2020. COVID-19, social unrest,…
Associated Builders and Contractors reported today that its Construction Backlog Indicator rose to 7.5 months in January 2021, an increase of 0.2 months from its December 2020 reading, according to an ABC member survey conducted from Jan. 20 to Feb. 2. Despite the monthly uptick, backlog is 0.9 months lower than in January 2020. ABC’s…
Slowing demand at architecture firms last year is expected to contribute to a projected 5.7 percent decline in construction spending for 2021, according to a new consensus forecast from The American Institute of Architects (AIA). The AIA Consensus Construction Forecast Panel—comprised of leading economic forecasters—expects steep declines this year in construction spending on office buildings,…
