Construction Input Prices 'Virtually Unchanged' in October

The common proverb, "No news is good news," rang true for the construction industry last month after the U.S. Bureau of Labor Statistics' Producer Price Index found input prices were "virtually unchanged," according to Associated Builders and Contractors (ABC). Although construction input prices increased just over 1% in October year over year (YOY...
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Construction Unemployment Makes Strands in October, But Still Needs Work

October proved to be another successful month for the construction industry, adding 84,000 net new jobs and bringing the sector's unemployment rate to 6.8%. According to Associated Builders and Contractors (ABC), the industry has fared well over the past six months with a 73% recovery of jobs lost during the early days of COVID-19. Analysts say non...
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Price of Softwood Lumber, Natural Gas Increase By Double-Digit Percentages in September

September brought about an increase in construction input prices in large part due to the rising cost of softwood lumber, which has become 80% more costly than in September 2019. In Associated Builders and Contractors' (ABC) latest analysis of U.S. Bureau of Labor Statistics' data, September 2020's Producer Price Index revealed construction input p...
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Construction Industry Concerned Over Pandemic’s Long-Term Impacts

Eight months into the pandemic, construction professionals are raising concerns over potential long-term impacts leading into the coming year. Associated Builders and Contractors' Construction Executive magazine recently conducted a survey highlighting the top concerns, including "supply chain disruptions, prolonged municipal permitting processes a...
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Another Rise in Construction Input Prices

Construction input prices rose once again in August by more than half of a percent, according to Associated Builders and Contractors, where Chief Economist Anirban Basu said inflation is "a bit hotter than anticipated."Based on the latest results from the U.S. Bureau of Labor Statistics' Producer Price Index, construction input prices and inputs to...
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Mail Delays Reach B2B Industry

Mail delays due to the United States Postal Service (USPS) have now reached the business-to-business credit industry. Many companies using paper checks for payroll are reporting delivery delays as well as delays in small businesses' shipments.Prior to the struggling USPS, news outlets began reporting delivery delays at the start of the pandemic in ...
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Construction Input Prices Rises for Fourth Consecutive Month

To the dismay of construction professionals, construction input prices rose once more in July by nearly 2%, according to Associated Builders and Contractors (ABC). Data from the U.S. Bureau of Labor Statistics revealed the majority of the increase was from inputs to nonresidential construction at 1.8%.Six out of the 11 subcategories saw lower price...
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Nonresidential Building Construction Employment Takes Another Hit

The construction industry may have added 20,000 jobs on net last month, but July's nonresidential construction employment dwindled. July's job loss affected nonresidential construction by 4,000 jobs, with nonresidential building taking the biggest hit with its loss of 9,300 jobs.Despite some of the losses, there was some highlights in the industry,...
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US Sees Decline in Construction Output

Construction may be considered essential during these troubling economic times, but that doesn't mean the industry is immune to the crisis. According to the latest readings from Associated Builders and Contractors (ABC), construction output is down significantly due to interruptions from COVID-19.The U.S. Bureau of Economic Analysis found nonreside...
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'Human Error' Heightens Cybersecurity Issues in US, UK

Human error is always a possibility in the decisions we make and unfortunately, it has played a significant role in cybersecurity hacks among U.S. and U.K. employees. According to Tessian's latest report, "The Psychology of Human Error," 43% of those surveyed said their mistakes caused cybersecurity-related repercussions for themselves or their com...
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Construction Leaders Confident in June Staffing Levels, Profit Margins, Sales

In times of such economic uncertainty, any sign of optimism can be a positive ray of light and, in this case, that is in the form of construction leader confidence. According to Associated Builders and Contractors' (ABC) Construction Backlog Indicator (CBI), construction leaders in the U.S. showed increased confidence in June as it pertained to sta...
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'Buckling Global Supply Chains, Trade Tensions' Behind Increased Construction Input Prices

Construction input prices rose more than 2% in June, an increase that Associated Builders and Contractors (ABC) states are linked to "global supply chains buckling and trade tensions elevated." According to ABC's latest report, construction input prices rose 2.2%, while nonresidential construction input prices climbed a little higher to 2.3%.More t...
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A Shift in Resilience Eases Credit Departments into Digital Era during Pandemic

Credit departments' shift from paper checks to digital payment platforms was underway well before COVID-19, but according to several experts, the pandemic is accelerating this transition. Diana Eagen and Frank Cook, of document automation and order management software solutions company Esker, said the current economic climate continues to ease...
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New York Companies Allegedly Threaten Customers with Legal Action, Violence to Get Loans Paid

Working hard to collect payments from customers is challenging, but credit professionals know it's important remain exactly that: professional. However, not everyone follows the rules as was the case with three companies and their owners and managers who allegedly "cheated small businesses in New York and across the country out of millions of dolla...
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ABC Economist Suggests Construction Industry Focus on 'Broader Trends' Due to 'Erratic' Input Prices

Construction input prices have yet to establish a trend over the past few months, despite a slight increase in May. Although prices rose 0.8% last month, Associated Builders and Contractors (ABC) Chief Economist Anirban Basu said U.S. construction firms should focus their attention to "broader trends" given the current economic climate.According to...
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Construction Sees Largest Monthly Job Increase in More Than 80 Years

The construction industry featured its latest accomplishment in May, adding 464,000 net new jobs—the largest monthly increase in more than 80 years, according to Associated Builders and Contractors (ABC). Although there were fewer jobs in May compared to the prior year, nonresidential construction employment added 237,000 net new jobs last month af...
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Google Warns of Ongoing Online Scams

As the coronavirus pandemic continues, so do online scams. Last week, Google warned the public of the ongoing battle against phishing attacks, some often involving fraudsters stealing confidential data as well as tricking those into believing they will receive financial relief.According to Google security experts, cybercriminals have been quite act...
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New Home Sales Rise Slightly Showing 'Potential Recovery'

Although existing home sales declined last month, new home sales held their ground in April with more than a half-percent rise. National Association of Home Builders (NAHB) reported the increase brought the seasonally adjusted annual rate to 623,000 units.NAHB Chairman Dean Mon said in the report that the new home sales results "show the potential ...
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Decrease in April Construction Input Prices Spells Good News for Industry

A bit of good news made its way to the construction sector last week when Associated Builders and Contractors (ABC) reported a dip in construction input prices in April. Overall prices declined nearly 4.5% last month, the majority of the decline seen in nonresidential construction input prices at 4.2%. ABC Chief Economist Anirban Basu said inflatio...
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Construction Unemployment Rises Nearly 15% in April

Unemployment has reached record highs since the outbreak of COVID-19 and the construction industry is feeling it. According to the National Association of Home Builders (NAHB), the unemployment rate continued to rise in April with an increase of nearly 15%—a total of 20.5 million jobs lost in 30 days.NAHB reported residential construction employmen...
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