The worsening housing finance market appears likely to have varied impacts on construction. Lenders have tightened credit standards and
raised rates for some-but not all-mortgage applicants.
Construction employment fell 12,000 to an 18-month low of 7.65 milltion. However, the three nonresidential categories-building,
specialty trade contractors, and heavy and civil engineering construction-added
64,000 jobs (1.5%) over 12 months.
Nonfarm payroll
employment increased 132,000 in June, seasonally adjusted, in
line with the gain of 2,008,000 (1.5%)
from June 2006 to June 2007, the Bureau of Labor Statistics (BLS) reported. The
unemployment rate remained steady at
4.5%.
Nonresidential starts collected by Reed
Construction Data totaled $31.4 billion in June, “a record-high level, 16%
above the previous peak last November and 39% above year-ago June,” the firm announced
recently.
Construction employment increased from February to
March in 35 states, fell in eight plus DC, and was unchanged (or within 100 of
prior levels) in seven. Compared to a year ago, construction employment climbed
in 35 states, fell in 14, and was unchanged in DC and Vermont.
Nonfarm
payroll employment, led by a 56,000-job jump in construction, rose
180,000 in March, seasonally adjusted, the Bureau of Labor Statistics reported.
Construction spending in January skidded 0.8%, at a seasonally adjusted annual rate (SAAR), from an upwardly revised December total, the Census Bureau reported on Thursday.
The producer price index (PPI) for finished goods slipped 0.2% in January, seasonally adjusted, and rose just 0.2% over the past 12 months, the Bureau of Labor Statistics (BLS) reported on Friday.
