The Construction Industry’s Rapid Development Over Five Years

September 4, 2018

The construction industry is changing at a more rapid pace than ever anticipated—faster in the past five years than in the past 50, according to a recent survey by FMI Corporation titled Managing Risk in the Digital Age, which surveyed contractors. As many as 90% of contractors reported having a shortage of skilled workers and 90% also said they received design documents that were less completed than in the past.

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New Single-Family Home Sales Drop in July

August 24, 2018

New single-family home sales fell during the month of July with contracts falling by 1.7% from June, according to a recent update from the National Association of Home Builders (NAHB). The annual rate comes to 627,000.

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Simulation Tech Enhances Decision-Making Process for Infrastructure Projects

Aug. 21, 2018

In some way, shape or form, artificial intelligence (AI) is making a name for itself in the business community. The construction industry is no exception as recently seen in the United Kingdom, where a $4.5 million investment will fund a software company’s latest technological endeavor to create real-world simulations of infrastructure projects.

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US Lumber Tariffs Hurting Home Builders and Buyers

August 17, 2018

The price of Canadian softwood lumber continues to rise in the U.S., now with 20% tariffs on Canadian wood. The tariffs are meant to encourage builders to buy American-made lumber, however the demand for lumber has proven to be far too great for the U.S. to handle on its own. Some home builders are instead beginning to import from other countries such as Sweden, Germany and Russia.

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Home Sales, Construction Lagging Behind Economic Recovery

August 14, 2018

Despite an overall robust economic recovery, housing is still a step behind. “The disconnect between a strengthening economy and struggling housing sector has been a common theme throughout this expansion and, unfortunately, is a theme that is likely to continue,” according to a recent Wells Fargo Securities report.

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Nonresidential Spending Predicted to Grow in 2019

August 10, 2018

Nonresidential construction spending is expected to take a step back in 2019 compared to 2018; however, overall nonresidential building is still predicted to grow. At the start of the year, economists from different firms polled by The American Institute of Architects (AIA), said views have changed for the better, according to the recently released consensus forecast from AIA.

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Construction CEOs Still Slow to Embrace Technology

August 8, 2018

A recent survey of CEOs by organization Vistage indicates many construction executives do not plan on expanding the use of technology in their companies. About half of the respondents do not plan on technology impacting their work in the next 12 months, citing the use of blockchain, artificial intelligence, connected devices and intelligent digital assistants.

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Construction Industry Booming With New Jobs

August 7, 2018

Unemployment in the construction industry reached an 18-year low in July when an addition of 19,000 net new jobs brought the sector’s unemployment rate down to 3.4%, half a percent lower than the national rate among all industries.

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Construction Spending Sees Yearly Climb, Despite MoM Dip

August 3, 2018

After steadily increasing over the past year, construction spending in June 2018 set the industry back a step month-over-month (MoM), yet maintained decent figures year-over-year (YOY). On August 1, MarketWatch reported about a 1% drop in June construction spending but more than a 6% climb since last year.

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General Contractor Responsible for All Employees’ Wages in California and Now Maryland

August 2, 2018

Responsibility for all employees’ wages falls onto the general contractor in California and now in Maryland, paving the way for a new system of paying workers in these two states. The state law in California has been active since Jan. 1, and Maryland will begin to practice this law in October, but with a few more stipulations.

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