Construction Spending Saw a Decline in May

Construction spending fell during the month of May, according to a recent report by Wells Fargo. Construction expenditures dropped by 0.8%, and residential spending is still much weaker compared to public spending. Residential spending fell 0.6%, and nonresidential spending fell by almost 1%⁠—the first time nonresidential has dipped in about a year...
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Existing Home Sales Increase During Month of May

During the month of May, U.S. existing home sales increased by 2.5% compared to last month, reaching a seasonally adjusted annual rate of 5.34 million units, according to a recent article by Reuters. Lower interest rates for mortgages helped give the data a boost this month. Reuters speculated the existing home sale rate would reach 5.25 million un...
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Construction Jobs Maintain Monthly Growth but Future Uncertain

Jobs in the construction industry rose minimally in May but garnered a 3% year-over-year (YOY) increase, according to Associated Builders and Contractors (ABC). In its assessment of the latest labor statistics data, ABC reported an additional 4,000 net new construction jobs were added in May, while the overall number of jobs increased to 215,000 co...
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Construction Spending Unchanged in April

Construction spending is on the decline year-over-year, yet it remained unchanged in April. April 2019 numbers, released by the Census Bureau earlier this week, are 1.2% behind April 2018 data; however, spending in the first third of 2019 is slightly above the same timetable in 2018. "The clear standout was the public sector, which rose 4.8% during...
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April New Single-Family Home Sales Drop After March Rise

Unable to maintain March's upward trajectory, new single-family home sales dropped nearly 7% in April as experts try to pinpoint the cause behind this change in course. According to a National Association of Home Builders (NAHB) report on May 23, the decline in April sales led to a seasonally adjusted annual rate of 673,000 units, following March's...
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‘Little Reason’ to Worry Over Construction Input Price Increases

To the dismay of contractors, construction input prices saw nearly a 1% increase in April over the prior month, with a substantial increase in pricing year over year (YOY) at 2.4%. On May 9, Associated Builders and Contractors (ABC) reported price hikes in four of 11 subcategories in April, while seven declined. According to ABC's analysis of the U...
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Residential, Nonresidential Construction Jobs Show Signs of Improvement

The construction industry saw a modest gain in new jobs in April with a 3.5% increase in the past year. According to Associated Builders and Contractors (ABC) and the U.S. Bureau of Labor Statistics, 33,000 new net jobs were added between March and April 2019. Since April 2018, open positions in residential building grew by nearly 5% to 39,000 addi...
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Filing Liens on Solar Projects: What’s the Deal?

Solar panels as a form of alternative energy continue to grow in popularity, both on residential and commercial projects. As the demand for solar panels increases, so does the likelihood of a creditor grappling with a customer when securing lien rights on solar projects. Unlike traditional forms of energy, determining lien rights on properties with...
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Construction Fraud Leads to Guilty Plea in California

Construction fraud strikes again, this time in California, where two siblings admitted to fraud and embezzlement against the California State Compensation Insurance Fund between January 2012 and March 2017, with a loss of more than $500,000. According to Construction Dive, the owner and office manager—brother and sister, respectively—at Ultimate, I...
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Filing Liens on Solar Projects: What’s the Deal?

Solar panels as a form of alternative energy continue to grow in popularity, both on residential and commercial projects. As the demand for solar panels increases, so does the likelihood of a creditor grappling with a customer when securing lien rights on solar projects. Unlike traditional forms of energy, determining lien rights on properties with...
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