Primary indicators
Throughout the first half of 2017 the construction industry has demonstrated stability in the face of adversity, with private construction investment leading the way. Amidst political and economic uncertainty and widespread fear of overbuilding, all indicators in the industry point towards continued sustainable growth.
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Which materials cost saw the largest increase in cost?
Steel
Lumber
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As spring construction work heated up, so did pricing – jumping 4.3 percent over the course of Q2 2017. Expect the new trade policy with China to have a potentially sizable impact on future steel prices over the next few quarters.
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Lumber prices have already seen a sizeable uptick in the first half of 2017, increasing by 7.9 percent nationally. Expect continued lumber price escalations to hit over the next two quarters.
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Cement prices have maintained a consistent increase over the last four quarters, coming in at an average of 4.3 percent boost every three months. The price increases closely mirror the strong demand we’re seeing in the construction industry as a whole.
Materials costs changes
Through the first half of 2017 we saw the materials cost index increase by 1.8 percent as demand for materials grew and U.S. construction
spending picked up by 5.7 percent year-over-year. This uptick accounts for sizeable increases in steel, lumber and cement costs,
but minimal growth in other materials helped keep the index in line with historic averages.
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Construction costs: Top markets
Click through these markets to see how their cost indexes compare and their quarter over quarter growth.
True or false?
Has construction unemployment continued
to decrease?
True.
Unemployment in the construction industry, currently sitting at 5.3%, is at a historic low, while hourly wages continue to grow, and outpace current inflation.
Incorrect.
It is true. Unemployment in the construction industry, currently sitting at 5.3%, is at a historic low, while hourly wages continue to grow, and outpace current inflation.
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Construction labor indicators
As of May 2017, the construction workforce increased by 2.9 percent year-over-year, achieving an eight year high – with wages
increasing year-over-year by 2.4 percent to an average of $30.63 per hour. The supply of construction laborers still remains below demand, evident in the near historic low unemployment rate of 5.3 percent in May 2017.
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Construction backlog indicator
The Construction backlog indicator (CBI) depicts how many months of work contractors currently have on the books—higher numbers show higher demand.
National construction backlog (CBI)
Region with the highest growth
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