Category: Economic Updates

ABC’s Construction Backlog Indicator Rebounds in 2017: Gains in All Categories During First Quarter

WASHINGTON, June 21– Associated Builders and Contractors (ABC) today reported that its Construction Backlog Indicator (CBI) rose to 9 months during the first quarter of 2017, up 8.1 percent from the fourth quarter of 2016.  CBI is up by 0.4 months, or 4 percent, on a year-over-year basis.

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“This was a terrific report,” said ABC Chief Economist Anirban Basu. “For the first time in the series’ history, every category—firm size, industry and region—registered quarterly growth in CBI. Among the big winners were firms in the western United States and those with annual revenues between $30 million and $50 million per annum.

Continue reading “ABC’s Construction Backlog Indicator Rebounds in 2017: Gains in All Categories During First Quarter”

General Mills Buys 100 MW from Cactus Flats Wind in Texas

General Mills announced it has a 15-year power purchase agreement with Renewable Energy Systems for the 150-MW Cactus Flats wind project under development in Concho County, Texas.

The company will purchase renewable energy credits to apply toward its carbon emission reduction goals.

“As we help mitigate the impacts of climate change, investing in wind energy is the right thing to do,” said John Church, Executive Vice President of Supply Chain at General Mills. “This investment is another step towards reducing our energy footprint and achieving sustainable emission levels – in line with scientific consensus – by 2050.” Continue reading “General Mills Buys 100 MW from Cactus Flats Wind in Texas”

Economic Update: US Construction Employment Remains Steady

Image result for association of builders and contractorsWASHINGTON, D.C., May 5—National construction employment remained largely unchanged for the second consecutive month, adding 5,000 net new jobs on a seasonally adjusted basis in April, according to analysis of U.S. Bureau of Labor Statistics data released today by Associated Builders and Contractors (ABC).
The nonresidential construction sector added 3,200 net new jobs in April after adding 8,500 net jobs in March (revised down from 13,300), while the residential sector added just 900 net jobs for the month. Construction employment expanded 2.6 percent on yearly basis, well above the year-over-year growth rate for all nonfarm industries (+1.6 percent).

“Today’s employment report confirms that the U.S. economic expansion remains firmly in place,” said ABC Chief Economist Anirban Basu. “That said, Continue reading “Economic Update: US Construction Employment Remains Steady”

Dodge Momentum Index Falls 5% After 6 Straight Months of Gaining

The Dodge Momentum Index ended a six-month streak of gains in April, falling 5.1% to overview-safety133.8 from a downward-revised revised March reading of 140.9, according to Dodge Data & Analytics.

The institutional sector, the driver of previous gains in the index, dropped 12%, while the commercial segment remained almost flat at 0.1%.

Even with this reported setback in momentum, since early 2016, the index has gained more than 20% through the end of March 2017 — Continue reading “Dodge Momentum Index Falls 5% After 6 Straight Months of Gaining”

Economic Update: Strong Job Growth Driven By Construction Industry 

Businesses added 298,000 jobs in February, continuing a second month of solid job growth, according to the ADP National Employment Report. The growth was driven by intensive hiring in construction and manufacturing.

The US Bureau of Labor Statistics reported Continue reading “Economic Update: Strong Job Growth Driven By Construction Industry “