Construction Industry News

WASHINGTON (Feb. 24, 2021) — Lumber prices have risen dramatically this year, prompting concerns for the construction industry. Data from Random Lengths indicates softwood lumber prices have risen 112%. The costs for homebuilders and renovation contractors are nearing record highs and have even prompted The Associated General Contractors of America (AGC) to pen a letter to President Biden asking for his intervention.

WASHINGTON (Feb. 22, 2021) — The Biden administration has announced changes to the Paycheck Protection Program (PPP) loan program that may impact the construction industry. For a 2-week period beginning on February 24, only small business with fewer than 20 employees can apply for new PPP loans. The goal is to help the smallest businesses collect funds to offset financial instability during the COVID-19 pandemic.

WASHINGTON, (Feb. 19, 2021) — The Committee for Economic Development of The Conference Board (CED) has released a new, comprehensive report that includes policy recommendations to combat the growing infrastructure problem in America.

HAMILTON, N.J. (Feb. 17, 2021) — According to Dodge Data & Analytics' latest Construction Starts release total construction starts dropped 4% in January to a seasonally adjusted annual rate of $794.3 billion.

TEXAS (Feb. 16 2021) — Severe winter weather across the country is causing blackouts and delays this week. Construction projects in Texas may be hit particularly hard as the overloaded power grid creates rolling blackouts lasing 30 hours or more in some parts of the state.

WASHINGTON (Feb. 17, 2021) —The construction industry has received more than $13 billion in Paycheck Protection Program (PPP) loans this year, second only to restaurants and hotels.

WASHINGTON (Feb. 9, 2021) — The U.S. Green Building Council (USGBC) released its annual list of the Top 10 States for LEED green building with Massachusetts leading the country in 2020 with the most certified square feet per capita. Across the top states, more than 60% of certifications were office, healthcare, higher education and K-12 projects. This year, USGBC also released a ranking of states with the most LEED professionals with California taking the top spot.

BIRMINGHAM, Ala. (Feb. 15, 2021) — Construction Business Owner, the leading business magazine for contractors, is pleased to announce a free webinar presented in partnership with Autodesk.

BIRMINGHAM, Ala. (Feb. 11, 2021) — Construction Business Owner, the leading business magazine for contractors, is pleased to announce a free webinar presented in partnership with FlowForma.

LOS ANGELES and DALLAS (Feb. 8, 2021) — Despite tumultuous conditions and fluctuating markets in 2020 amid the pandemic, AECOM and Jacobs have both reported profits. AECOM recently reported 3.31 billion in revenue for its first fiscal quarter — a 2.4% rise over its previous year. The firm still expects its income to be flat in 2021 due to a backlog drop of 3.5% from the fourth quarter of 2020. Read the AECOM report here.

ATLANTA (Feb. 11, 2021) — Contracting giant Skanska Group released its 2020 earnings last week, reporting a record high in profits for 2020, even during a pandemic and despite the fact that its Q4 construction revenue was significantly down. Here's what you need to know:

HAMILTON, N.J  (Feb. 5, 2021) — The Dodge Momentum Index increased 3.1% in January to 139.4 from the revised December reading of 135.2. The Momentum Index, issued by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.

WASHINGTON (Feb. 1, 2021) — On Friday, the United States Congress approved a budget resolution that would pave the way for President Joe Biden's $1.9 trillion relief plan to pass — with some key adjustments. The Senate voted to approve early that morning in an even vote in which Vice President Kamala Harris cast the tie-breaking vote. 

WASHINGTON (Jan. 24, 2021) — This week, the former South Bend, Indiana, mayor and Democratic presidential candidate Pete Buttigieg was sworn in as transportation secretary by the United States Senate. In a video he tweeted following his confirmation, Buttigieg noted the work to be done in the transportation sector, but said he was optimistic about the future. 

WASHINGTON (Feb.1, 2021) — In its annual release on national union membership, the United States Bureau of Labor Statistics (BLS) reported the percentage of wage and salary workers who were members of unions was 10.8% across all industries.

WASHINGTON (Feb. 1, 2021) — National nonresidential construction spending declined 0.8% in December 2020, according to an Associated Builders and Contractors analysis of data published today by the United States Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $790.2 billion for the month, 4.8% lower than in December 2019 but 3.8% higher than in December 2018.

WASHINGTON (Jan. 28, 2021) —The United States economy expanded at an annualized 4.0% rate in the fourth quarter of 2020 as the nation’s recovery from last spring’s economic devastation continued. Nonresidential investment in structures increased at a 3.0% annualized rate in the fourth quarter.

HAMILTON, N.J.(Jan. 26, 2021) —The value of commercial and multifamily construction starts in the top 20 metropolitan areas of the United States lost 23% in 2020, falling to $111.1 billion according to Dodge Data & Analytics. Nationally, commercial and multifamily starts tumbled 20% over the year to $193.4 billion.

The United States Small Business Administration has spent January 2021 making several key announcements regarding Paycheck Protection Program (PPP) loans, including guidance concerning PPP loan review and several final rulings on the topic.

The 46th president of the United States, Joe Biden, has been in office for less than a week, and he has already made several key changes—including signing 15 executive orders on his first day in the White House. Here's a quick recap of changes that affect the construction industry: