Construction Industry DMI, Hiring Up

Construction Industry

“This peak is largely due to U.S. onshoring efforts,” says Construction Dive, “as more American companies move their manufacturing facilities back to the U.S.” Manufacturing returns to the U.S. are including food-related production and electric vehicle factories.

The Dodge Momentum Index is a monthly measurement of nonresidential construction industry building projects in planning. In June 2022, commercial percentages led by warehouse construction rose 4.1%. That increase in the DMI was a 14-year high for nonresidential building planning.

The numbers also indicate despite the anticipated recession, construction industry developers continue to be optimistic. The real test will be later, as higher interest rates impact businesses and consumer confidence.

When Amazon announced a warehouse construction slowdown, it added impetus to other warehouse construction planning because it shortened lead times for materials. It was anticipated to loosen constraints on obtaining materials as well.

But in July 2022, Amazon backed off and/or delayed 6 office development projects. Amazon said it needed to stand down and reevaluate designs. Because the pandemic changed the way we do our jobs, like other companies, Amazon’s still learning what the new normal way of working will be.

June 2022 also saw 16,500 new jobs in nonresidential construction but the loss of 4,100 jobs in residential construction.

In June, the unemployment rate for construction workers declined…It marks the lowest rate since May 2019…National Association of Home Builders

As of July 12, 2022, the U.S. Dept. of Labor said the mix of jobs in construction may shift as interest rates rise and then relax. Even though residential construction cooled, “jobs in nonresidential building, heavy and civil engineering, and nonresidential specialty trade” are rising.

It’s important to pay attention to national trends and international developments in our sector. There are many ways to manage today’s construction industry fluctuations, all of which impact construction jobs.

Things change.

What never changes is the need for you to maintain an ongoing business development plan. If not you, then someone in your company needs to utilize available data analytics to develop work, create construction industry alignments, and stay abreast of the competition.

Ask us how we can help. Contact Construction Monitor.

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