Buoyed by sustained demand for apartments and condominiums, coupled with state and local governments moving ahead with delayed public projects, the Architecture Billings Index (ABI) has been positive for seven consecutive months.
No one knows the future, but gaining a comprehensive view of where you are, where you are going and where you need to be can only strengthen the educated decisions construction professionals have to make every day.
Eighty percent of construction firms plan to expand their payrolls in 2015 while only 7 percent expect to reduce headcounts according to survey results released today by the Associated General Contractors of America. The survey, conducted as part of Ready to Hire Again: The 2015 Construction Industry Hiring and Business Outlook, indicates that most contractors are optimistic about the year ahead and ready to expand, but will have to cope with challenges including worker shortages and regulatory burdens.
Construction employers added 48,000 jobs in December and 290,000 for the year, the largest annual increase since 2005, as the sector's unemployment rate fell to 8.3 percent, according to an analysis by AGC of America.
Construction spending edged down in November but outlays for the year remained on track for a modest increase over 2013 totals, according to an analysis by AGC.Â
With all geographic regions and building project sectors showing positive conditions, there continues to be a heightened level of demand for design services signaled in the latest Architecture Billings Index (ABI). As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lead time between architecture billings and construction spending.
Construction industry employment hit a new five-year high in November as the sector added 20,000 jobs and its unemployment rate fell to 7.5 percent, the lowest rate for November in seven years, according to an analysis by AGC.
At the 2014 AGC Building Contractors Conference, "A/E/C Collaboration 2014: Partnering, Opportunity, Risk, Success & the Future," held last month in Austin, Texas, the construction industry's leaders came together to share the latest trends and solutions. AGC specialty contractors were also there to plan for the future and promote best practices.
Construction spending decreased for the second consecutive month in September as declines in public and private nonresidential construction, as well as multifamily projects, offset growth in single-family home building, according to an analysis by AGC of America. Association officials said the new spending figures underscore how challenges current market conditions are for many firms.
Early Registration Deadline Approaching
No one knows the future, but gaining a comprehensive view of where you are, where you are going and where you need to be can only strengthen the educated decisions construction professionals have to make everyday. Tuesday, Nov. 4 is the early registration deadline for the 2015 AGC Annual Convention, March 18-20 in San Juan, PR. Save $150.00 off standard registration rates, register today!