NEW JERSEY (Dec. 16, 2020)—Total construction starts fell 2% in November to a seasonally adjusted annual rate of $797.5 billion following a strong gain in October. Residential starts fell 7% during the month, while nonbuilding starts dropped 14%. Nonresidential building construction starts, however, rose 19% in November. Total construction starts fell in three regions, the South Atlantic, West, and Northeast, but rose in two, the Midwest and South Central.
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NATIONAL—This week, the Associated Builders and Contractors of America (ABC), the Equipment Leasing and Finance Foundation (the Foundation), and NTEA, the association for the work truck industry, released three economic outlooks for the United States construction industry in 2021. The forecasts reported mixed predictions about the year ahead. Here's what you need to know:
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LOS ANGELES (Dec. 10, 2020)—AECOM announced the signing of a definitive agreement to sell its civil construction business, which includes the Shimmick Construction business, to affiliates of Oroco Capital. The transaction is expected to close in January 2021 upon the satisfaction of customary closing conditions.
WASHINGTON—More contractors are facing a shortage of building materials as the pandemic continues, according to new fourth quarter data from the United States Chamber of Commerce Commercial Construction Index. This quarter, 41% of contractors say less availability of building products and materials is a severe consequence of the pandemic, up from just 15% saying the same in Q3.