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Economics Week in Review

Optimistic Outlook for Housing, But Challenges Remain According to a recent NAHB Construction Forecast Conference Webinar, the housing market is on the road to recovery, being carried forward by low interest rates, pent up household formations, stabilizing prices and budding employment growth.

Few Metro Areas Add Construction Jobs Between February 2009 And 2010 Only 10 out of 337 metropolitan areas added construction jobs between February 2009 and 2010, the Associated General Contractors of America reported, citing data from the U.S. Bureau of Labor Statistics.

Construction Spending Drops To 2002 Levels Construction spending tumbled in February by $11.6 billion, or 1.3 percent, to $846 billion, a low last recorded in 2002, according to an analysis of new federal figures by the Associated General Contractors of America.

More Construction Firms Likely To Perform Stimulus-Funded Work In 2010 An analysis by the Associated General Contractors of America of federal data found that more contractors are likely to perform stimulus-funded work this year as work starts on many of the nontransportation projects funded in the initial package.

Dec. Construction Jobs Fall; Industrial, Office, Apartment Markets Worsen Construction employment fell by 53,500 (-0.9 percent), accounting for more than 60 percent of total losses for December 2009, and by 934,000 (14 percent) for the year. by Ken Simonson

Nov. Construction Spending, Job Losses Were Widespread; Wage Increases Diminish Construction spending fell 0.6 percent in November 2009 to a seasonally adjusted annual rate of $900 billion, down 13 percent from November 2008 and the lowest total in six years. by Ken Simonson

Only Five U.S. Metro Areas Witness Construction Job Growth Only five out of 337 metropolitan areas saw an increase in construction employment between October 2008 and October 2009, according to a new study from the Bureau of Labor Statistics.

No Recovery Yet For Construction Industry Latest figures show double-digit drops in spending compared to 2008.

Copper, Steel, Aluminum Prices On The Rise September data shows costs for most construction materials higher with copper, aluminum and steel seeing “significant” increases.

64,000 Construction Workers Laid Off In September With 80 percent of layoffs occurring in nonresidential construction, Ken Simonson, AGC chief economist, said the decline in nonresidential construction has eclipsed housing’s problems.

Construction Officials Hope To Prevent the Worst as Unemployment Rises Associated General Contractors of America CEO Stephen Sandherr urges Congress to continue investing and move on with its infrastructure stimulus plan before it’s too late.

Construction Job Losses Slow But Remain Widespread Spending rises; may slip soon. by Ken Simonson

1.4 Million Construction Workers Unemployed Since Early ’07 Unemployment in the construction sector climbed to a “horrendous” 19.2 percent (not-seasonally adjusted) as an additional 59,000 construction workers lost their jobs in May according to new federal data.

DOE Offers $50 Million in Recovery Act Funds for Geothermal Heat Pumps The U.S. Department of Energy wants to accelerate the deployment of geothermal heat pumps.

CMI Signals End to Recession According to recent data from the Credit Managers’ Index (CMI), it looks like the U.S. economy’s recovery status is looking up.

PPI Rises Overall But Drops For Construction MHC starts fall, credit markets are mixed. by Ken Simonson

Remodeling Market Looking Up According to the latest National Association of Home Builders' (NAHB) Remodeling Market Index (RMI), the residential remodeling market is showing signs of recovery.

Watts Radiant To Help Train Missouri’s Next-Generation Workers The “Next-Generation Jobs Team” will help match 3,000 Missouri youth, ages 16 to 24, with summer internships to prepare them for high-tech jobs.

Construction Job Losses Continue In March Employment in construction has fallen by 1.3 million since peaking in January 2007.

February Construction Spending Figures Better Than Expected Construction spending during February 2009 was estimated at a seasonally adjusted annual rate of $967.5 billion, 0.9 percent below the revised January estimate of $976.2 billion, according to the Commerce Department. January construction spending fell 3.5 percent.

Housing Starts Show Improvement In February Privately owned housing starts in February were 22.2 percent above the revised January estimate of 477,000.

Wolseley To Close Additional Locations Wolseley announced that it will be closing about 74 additional Ferguson locations in the second half of its fiscal year.

Wolseley Explores Options For Stock Wolseley, Reading, UK, parent of Newport News, VA-based Ferguson, announced it is in the process of disposing of or exiting its U.S. Materials Building business, Stock Building Supply, by August 1, 2009.

Sioux Chief Buys REHAU Fittings Business The purchase will include transition of REHAU’s existing fittings inventory and associated certifications, as well as the licensing of the technology, to Sioux Chief.

California Passes New-Home Tax Credit California’s new state budget, signed by Gov. Arnold Schwarzenegger Feb 20, includes a $10,000 tax credit or 5 percent of the purchase price of newly built homes.

PPI, CPI Show Mixed Patterns; McGraw-Hill New Starts Fall Retailers, utilities pull back. by Ken Simonson

Obama Signs Stimulus Bill With $135+ Billion For Construction State budgets, IP sink. by Ken Simonson

Military Housing Opportunities For Builders Billions of dollars have been committed to privatized construction projects ― on and off base ― during the next few years.

EPA: Stimulus Plan Will Create Sustainable Jobs That Will Protect Public Health The economic recovery plan signed by President Obama will create 3 to 4 million quality, sustainable jobs with many protecting the country’s public health and the environment, says the U.S. Environmental Protection Agency.

Watts Water Posts Low Results, Consolidates Facilities Watts Water Technologies Inc. posted lower-than-expected quarterly results and said it would close three facilities and cut 400 jobs due to the continued weakened markets.

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