What Businesses Need to Know about Modern Slavery Act
Ageing Pipelines Turn to Robotics for Much Needed Repairs
The Anatomy of Requests for Information (RFIs)
Putting Construction Waste in its Place
Why You May Need a Social Licence to Operate – And How to Get It
Reaching New Heights With Sustainability
Australia's Largest Waste to Fuel Plant Opens in Sydney
What Happens to Queensland's Site after Commonwealth Games?
By Martin crutsinger, ap economics writer
February 1, 2018
WASHINGTON (AP) — U.S. builders pushed construction spending up 0.7 percent in December to a record high, though it was the weakest performance since they began to emerge from the financial crisis.
The upward spending marks the fifth consecutive monthly gain, with all major sectors showing modest increases.
The December increase followed a 0.6 percent rise in November, the Commerce Department reported Thursday. It closed out a year in which construction spending rose 3.8 percent. While it was the sixth consecutive annual increase, it was the most meager since a decline in 2011, when companies were breaking free from recession.
For December, spending on housing projects rose 0.5 percent while nonresidential construction was up a stronger 1.1 percent. Spending on government projects rose 0.3 percent as strength at the federal level offset a drop in state and local construction.
For the year, spending totaled $1.23 trillion. The 3.8 percent gain for the entire year followed increases of 11 percent in 2014, 10.7 percent in 2015 and 6.5 percent in 2016.
Construction spending has been slowing for the past two years, reflecting in part problems home builders are having getting land to build new homes and a budget squeeze that has forced state and local governments and federal agencies to scale back building projects.
Residential construction was up 10.6 percent for all of 2017 while nonresidential building showed a slight 0.6 percent increase. Spending on government projects fell 2.5 percent, the second straight annual decline. Spending by state and local governments was down 2.7 percent while spending by the federal government posted a small 0.3 percent increase.
For December, the seasonally adjusted annual rate of $1.253 trillion was a record monthly number. Economists believe construction will support overall economic growth this year, helped by an acceleration in home building.
US Economy Grew at Solid 2.6 Percent Rate in Fourth Quarter
The widest used rating system for green building is Leadership in Energy and Environmental Design (LEED), developed by the U.S. Green Building Council (USGBC). It’s no surprise, then, that major U.... Read More
July 1, 2018
Hear Brad Hyatt, Associate Professor at California State University Fresno, discuss what students are learning in school to prepare them for const... Read More
Budget. Schedule. Quality. The trifecta of a project. But balancing that trifecta isn't easy to do. Our webinar, led by construction industry exper... Read More
Building in the "Big Easy" sometimes isn't. The challenges faced by Landis Construction aren't often understood by out-of-towners, because when it'... Read More
Estimating mistakes cost contractors plenty. And, with the demand from customers for estimates on-the-fly, the chances of missing the mark increase... Read More
In all big construction projects, time is money, and few projects drag along as painfully slow as high-rise buildings. A new method of construction... Read More
June 25, 2018
Improving safety and efficiency on projects is an important consideration for any construction company, and to that end, some are turning to unmann... Read More