Construction data and statistics can shed light on the field and give everyone an update on the current practices to make better decisions about tomorrow.
Construction Spending
- Construction spending soared to a ten-year high.
- Construction spending rose 0.9 percent throughout the month of November to an astounding and breath-taking annual rate of $1.182 trillion.
- The construction figure was 4.1 percent above November of the last year (2015), and spending in the first eleven months was 4.4 percent higher than it was during the same time span of 2015.
- Private residential construction increased 1 percent in November, while private commercial real estate grew by 0.9 percent.
Construction Employment
- Within the month of December, the construction industry lost 3,000 jobs due to the building demand outpacing the worker supply. Despite this loss, however, December 2016’s construction numbers was still 1.5 percent higher than December 2015’s.
- The residential sector added 9,800 positions, while the nonresidential sector like engineering and heavy civil lost 13,400.
- The average hourly wages increased three percent between December 2015 and December 2016. This means that the average wage growth accelerated with its fastest pace since 2009.
Housing Starts
- One indicator that shows the promise of future construction activity dipped slightly from the adjusted November rate of 1.212 million to 1.210 million. Not all is bad news as this rate was 0.7 percent above the mark from one year ago.
- The number of houses that started construction in 2016 rose 11.3 from November and is 5.7 percent ahead of the mark from one year ago in 2015.
- Multifamily construction swung to 53.9 percent to climb to a rate of 417,000 starts in December and, when compared to last year, are up 10.3 percent.
Understanding the data of today will help you make better decisions for tomorrow.
When looking for a general contractor who can help you make the right decision, we encourage you to contact Proforma Construction. We are equipped to meet all of your commercial construction needs.