Design Services Demand Down in August

Sept. 30, 2016

Demand for design services from the nation’s architects—a leading economic indicator of construction activity—has fallen below the positive mark for the second time this year, according to the Architecture Billings Index (ABI).

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Ohio Sub Sues University of Akron, General Contractor and Surety for Breach of Contract, Bond Foreclosure

Sept. 30, 2016

A subcontractor hired to renovate the LeBron James Family Foundation College of Education building at the University of Akron (UA) is suing the Ohio-based university and a prime contractor for breach of contract, while it seeks payment from Fidelity and Deposit Company of Maryland, a surety, for bond foreclosure.

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Massachusetts Court Bars Recovery for Contractor’s False Payment Certifications

Sept. 30, 2016

A contractor that considers submitting false payment certifications to the owner of a construction project with the hope that a later payment will nullify potential consequences should think twice about taking that position, thanks to a recent ruling in the Massachusetts Superior Court.

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Construction unemployment falls in most states

Sept. 29, 2016

The unemployment rate for construction workers improved in 48 states in August, according to an analysis of Bureau of Labor Statistics data by Associated Builders and Contractors (ABC). The national, not seasonally adjusted, unemployment rate was 5.1%, a percentage point lower than the prior year’s reading—about 180,000 more people were employed in the industry in August than a year prior.

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Pending Home Sales Fall in August, Evince Signs of Dwindling Supply

Sept. 29, 2016

Pending home sales dropped in August from July to their lowest level since January, thanks in part to struggling supply levels, according to the National Association of Realtors (NAR). The Pending Home Sales Index fell 2.4% to 108.5 in August, and is down slightly from the prior year’s 108.7 reading.

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New Home Sales Down in August, Higher Year-Over-Year

Sept. 26, 2016

New single-family home sales were down in August, but the total beat analysts’ expectations as year-over-year sales shot up, according the Commerce Department.August sales of new single-family houses reached a seasonally adjusted annual rate of 609,000, which is 7.6% down from July, but 20.6% higher than August 2015’s numbers, Commerce said. The median sales price of new houses sold in August was $284,000, while the average price was $353,600.

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As New PA Lien Law Effective Date Approaches, Suppliers Need to Prep for Changes

Sept. 22, 2016

Forthcoming changes to Pennsylvania’s mechanic’s lien laws should make life easier for suppliers and subcontractors working in the state, though exactly when the changes will be implemented has yet to be established.

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Housing Starts Stall, Contractor Backlog Drops Off in Northeast

Sept. 20, 2016

Housing starts fell in August by 5.8% following June and July’s 1.2 million-unit average pace, with multi-unit starts dropping the fastest at 6.9%.Single-family construction continued to grow in August, with permits rising 3.7%, though single-family starts fell 6% in August from July’s figure of 768,000 and dropped  1.2%, year-over-year, the Department of Commerce said today. Apartment construction appears to be cooling off as year-to-day starts of buildings with five or more units increased 0.3% from last year as permits are down 15.3%.

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Builder Confidence for New, Single-family Homes Grew in September

Sept. 19, 2016

Builder confidence for newly built, single-family houses surged in September, jumping six points to 65 from the August reading for the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The September reading represents a high point for the index not seen since October 2015.

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Construction Input Prices Down in August and Potentially for Near Future

Sept. 16

Nonresidential and overall construction input prices fell in August along with declining oil prices—good news for an industry facing higher labor costs.

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