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  • Mon, May 02, 2022 1:19 PM | Anonymous member (Administrator)

    Construction spending during March 2022 was estimated at a seasonally adjusted annual rate of $1,730.5 billion, 0.1 percent above the upward revised February estimate of $1,728.6 billion. The March figure is 11.7 percent above the March 2021 estimate of $1,548.6 billion. Residential spending surged past 50 percent of the entire market outlays, fueling the monthly increase while masking some declines or stagnate results in other sectors. During the first three months of this year, construction spending amounted to $376.6 billion, an inflation tinted 12.0 percent above the $336.3 billion for the same period in 2021.  READ MORE.....


  • Fri, April 01, 2022 12:43 PM | Anonymous member (Administrator)

    Construction spending during February 2022 was estimated at a seasonally adjusted annual rate of $1,704.4 billion, 0.5 percent above the upwardly revised January estimate of $1,695.5 billion. The February figure is 11.2 percent above the February 2021 estimate of $1,533.3 billion. During the first two months of this year, construction spending amounted to $237.8 billion, a torrid 10.4 percent above the $215.4 billion for the same period in 2021.  However, much of the dollar growth may be offset by the nearly 8.0 percent inflation that has occurred in the same time frame, while residential expenditures now compose nearly 50% of the ENTIRE total. Also of note, the public sector side has not experienced much of an increase (now only 20.58% overall), even with the massive $1.2 trillion infrastructure bill. (This may be evidence in support of critics contentions that much of the money isn’t traditionally or generally defined as basic infrastructure).     READ MORE...

  • Thu, March 24, 2022 12:15 PM | Anonymous member (Administrator)

    As a follow-up or outcome of the CIRT-FMI Webinar series, a whitepaper entitled The Construction Spending Paradox: Is it Growth or Inflation? has been developed to provide background, data, and concepts to CIRT members regarding how to remain competitive as production costs rise.  The report points out, that in February 2022 consumer prices climbed 7.9% year over year— at the same time, the 12-month producer price index was up 10%. The impact in part “has left contractors juggling steeply rising input costs, stalling advances in bid prices, and taking larger shares of project risk.”  Near term, there are sober concerns that: “Companies may experience a drop in profits despite strong backlogs and prospects for growth as energy and labor costs continue to rise.”  To counter this, firm estimators will need to master the “tricky job negotiating price fluctuations, supply chain issues, margin protection, labor costs and relationships with subcontractors.”

    The paper is intended to “arm” CIRT members with reliable, clear, and persuasive evidence of the rapidly changing market conditions to discuss with clients, subs, public, etc. regarding project opportunities and costs. 

  • Tue, March 01, 2022 1:53 PM | Anonymous member (Administrator)

    Construction spending during January 2022 was estimated at a seasonally adjusted annual rate of $1,677.2 billion, 1.3 percent above the upwardly revised December estimate of $1,655.8 billion. The January figure is 8.2 percent above the January 2021 estimate of $1,549.8 billion. [NOTE: During the early part of this year, comparisons against early 2021 figures may be greatly affected by the inflationary growth that took hold in mid-late 2021].  READ MORE HERE


  • Tue, February 01, 2022 4:19 PM | Anonymous member (Administrator)

    The U.S. Census Bureau announced that construction spending during December 2021 was estimated at a seasonally adjusted annual rate of $1,639.9 billion, 0.2 percent above the upward revised November estimate of $1,636.5 billion. The December figure is a substantial 9.0 percent above the December 2020 estimate of $1,504.2 billion. The value of construction in 2021 was $1,589.0 billion, 8.2 percent above the $1,469.2 billion spent in 2020 (which is somewhat tempered by a 7.0 inflation level for the year). The overall numbers, particularly the private sector increase in “residential” masked the poor performance of nonresidential spending for the year, which was actually slightly down. Meanwhile, public sector funding struggled finishing below 2020 numbers, where even highway spending saw only a slight bump from a year prior, given how late the infrastructure bill passed.   Read more.....

  • Thu, January 13, 2022 4:04 PM | Anonymous member (Administrator)

    Today, The Supreme Court blocked the Biden administration’s COVID-19 vaccine mandate for private businesses but decided to let a separate regulation that requires health care workers to get a vaccine take effect.  In 6-3 ruling on matter affecting private companies, the justices – lead by the Chief Justice John Roberts, halted the mandate for all private employers with 100 or more workers, ruling the states and companies that challenged the rule were likely to succeed.  In so doing, they rejected the Biden Administration officials argument that the 1970 organic Occupational Safety and Health Act (OSHA) gave them the authority to impose the mandate.

    The majority held in part, that: “Applicants (i.e., states and private businesses) are likely to succeed on the merits of their claim that the Secretary lacked authority to impose the mandate. Administrative agencies are creatures of statute. They accordingly possess only the authority that Congress has provided. The Secretary has ordered 84 million Americans to either obtain a COVID–19 vaccine or undergo weekly medical testing at their own expense. This is no ‘everyday exercise of federal power.’ It is instead a significant encroachment into the lives—and health—of a vast number of employees.”  As for the health care workers mandate, the justices hesitated on whether or not the government had a winnable argument – and thus, allowed the rule to remain in place pending a final determination.

    However, even the private business requirement is not entirely put to rest, since the ruling means the mandate is blocked while the case goes back to the U.S. Court of Appeals for the Sixth Circuit, which overturned a stay that had been imposed by a different appeals court.

  • Thu, January 06, 2022 2:50 PM | Anonymous member (Administrator)

    The U.S. Census Bureau announced that construction spending during November 2021 was estimated at a seasonally adjusted annual rate of $1,625.9 billion, 0.4 percent above the upward revised October estimate of $1,618.8 billion. The likely inflation-affected November figure is 9.3 percent above the November 2020 estimate of $1,487.2 billion. During the first eleven months of this year, construction spending amounted to $1,463.2 billion, 7.9 percent above the $1,355.6 billion for the same period in 2020. 

    Read more ...

  • Tue, December 07, 2021 3:50 PM | Anonymous member (Administrator)

    BLOCKED:  U.S. District Judge Stan Baker of Savannah, Georgia, issued the nationwide injunction against enforcing the mandate on Tuesday, Reuters reportedBaker ruled that President Joe Biden overstepped his authority when he issued the requirement that all federal contractors be fully vaccinated by Jan. 18. State attorneys general from Georgia, Alabama, Indiana, Kansas, South Carolina, Utah, and West Virginia, in addition to a trade group that represents contractors, filed the suit. This reinforces and broaden out an earlier preliminary injunction ordered for only three mid-west states to a nationwide hold on the President’s attempt to mandate vaccines on all federal contract workers.

  • Wed, December 01, 2021 12:49 PM | Anonymous member (Administrator)

    BREAKING NEWS!! U.S. District Judge Gregory Van Tatenhove on Tuesday blocked President Joe Biden’s COVID-19 vaccine mandate for some federal contractors.  In short, the federal judge found that Biden likely lacks the authority to impose such a mandate across the board saying in part: “The question presented here is narrow. Can the president use congressionally delegated authority to manage the federal procurement of goods and services to impose vaccines on the employees of federal contractors and subcontractors? In all likelihood, the answer to that question is no.”  As a result, Van Tatenhove granted a request for a preliminary injunction covering the three states that requested the stay – namely Kentucky, Ohio, and Tennessee.

    Biden signed an executive order in September that set-in motion a process that had OSHA take the lead on private sector businesses, with the assumption federal contractors could force all their workers to get a COVID-19 vaccine unless the worker is entitled to an exception based solely on the fact they were receiving federal dollars.  Any contractors who did not comply with the order, originally set with a Dec. 8 deadline, were poised to lose the government’s business.

    The federal judge sited the Tenth Amendment to the Constitution while finding the three states arguments persuasive as they related to:  the vaccine mandate was both illegal and unconstitutional, in part because it was imposed with little regard to “important aspects surrounding the mandate, including but not limited to economic impacts, cost to States, cost to citizens, labor-force and supply-chain disruptions, the current risks of COVID-19, and basic distinctions among workers such as those with natural immunity to COVID-19 and those who work remotely or with limited in-person contacts, among other aspects.”

    UPDATE:
    This fairly narrow jurisdictional preliminary injunction joins other legal decisions that have stopped or hindered the implementation and coverage of the vaccine mandate attempt. 
    Specifically:
    (a) U.S. 5th Circuit Court placed a preliminary injunction (until the matter is fully adjudicated) against the mandate being imposed on private sector businesses. (The Biden Administration has sought to end-run this order by forum shopping the matter to the U.S. 6th Circuit Court seeking a more favorable opinion);
    -- and --
    (b) A preliminary injunction has already been entered against the Biden administration’s health care worker vaccine mandate; among other legal decisions and pending matters.


  • Wed, December 01, 2021 12:00 PM | Anonymous member (Administrator)

    Construction spending during October 2021 was estimated at a seasonally adjusted annual rate of $1,598.0 billion, 0.2 percent above the large upwardly revised September estimate of $1,594.8 billion. The October figure is 8.6 percent above the October 2020 estimate of $1,471.7 billion, aided in part by the beginning of a new federal government fiscal year, but also close to the current monthly inflation rate. During the first ten months of this year, construction spending amounted to $1,323.1 billion, some 7.5 percent above the $1,230.8 billion for the same period in 2020 – again, in part possibly reflecting the growing inflationary trends in the market.

    PRIVATE CONSTRUCTION:
    Spending on private construction was at a seasonally adjusted annual rate of $1,245.0 billion, 0.2 percent below the revised September estimate of $1,247.9 billion. Residential construction was at a seasonally adjusted annual rate of $774.7 billion in October, 0.5 percent below the revised September estimate of $778.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $470.3 billion in October, 0.2 percent above the revised September estimate of $469.4 billion. 

    READ MORE...


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