Pending Home Sales Continue Growth in July

Pending home sales in the U.S. are up three straight months after another strong showing in July. The National Association of Realtors (NAR) reported Thursday its Pending Home Sales Index increased 5.9%. This is also up 15.5% from July 2019. Economists predicted sales would increase 3% in July, states Reuters. "We are witnessing a true V-shaped sal...
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Existing-Home Sales Increase in July

Existing-home sales continue to gain momentum as the U.S. economy builds from the trough seen earlier this year due to the COVID-19 pandemic. Sales increased 24.7% in July, according to the National Association of Realtors, and for the second straight month. Sales were up nearly 9% from July 2019."The housing market is well past the recovery phase ...
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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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Moderate Small Business Delinquencies Increase

The U.S. economy is still in the middle of a recovery after a spring drag down caused by government shut downs and other measures to halt the spread of COVID-19. "Defaults are expected to rise in coming quarters as forbearance programs expire and as customers are likely to change their priorities in the wake of COVID-19," according to the second qu...
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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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Dodge Momentum Index Sees First 2020 Increase

The Dodge Momentum Index recorded its first increase in 2020. According to Dodge Data & Analytics, the index increased 3.4% in July, but it has declined 18% since December. The commercial building component increased 5.3%, while the institutional building component saw no change. The index measures the initial report of nonresidential projects,...
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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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Pending Home Sales Jump in June

Pending home sales continued to surprise in June, posting back-to-back months of improvement. According to the Pending Home Sales Index from the National Association of Realtors (NAR), sales in June increased 16.6%. Pending sales are also up more than 6% from June 2019. "It is quite surprising and remarkable that, in the midst of a global pandemic,...
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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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New Home Sales Jump in June

New home sales are at a new high this year after outperforming expectations in June. The U.S. Census Bureau and Department of Housing and Urban Development announced Friday that new single-family sales increased 13.8% from May to a seasonally adjusted annual rate of 776,000 in June. This is also 6.9% above the June 2019 data, making it the best mon...
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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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Housing Starts Jump in June

U.S. housing starts have skyrocketed at their strongest monthly increase in nearly four years. Privately owned housing starts in June jumped 17.3% to a seasonally adjusted rate of 1.186 million, according to the Census Bureau and Department of Housing and Urban Development. Reuters states the percentage increase was the largest since October 2016, ...
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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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Dodge Momentum Index Continues Downward Trend in June

Potential construction spending took a decent-sized hit in June. The Dodge Momentum Index, which measures construction projects in planning that leads to future nonresidential construction spending, from Dodge Data & Analytics declined 6.6% in June. "The Momentum Index has shifted noticeably lower as the fallout from recession continues to hold...
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Construction Confidence in New Business, Revenue Rattled in Second Quarter

Many construction jobs are still deemed essential during this time of economic uncertainty; however, that doesn't mean the industry is thriving. According to the latest results from the USG and U.S. Chamber of Commerce Commercial Construction Index (CCI), contractors' confidence in both new business and revenue expectations saw a significant declin...
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Surprise Decline in May Construction Spending

There was a surprise in the May construction spending numbers after the industry was one of the first to reopen and rebound from the pandemic. Wells Fargo Securities reported spending has declined nearly 6% since it peaked in February. Announced earlier this week, construction spending dropped 2.1% in May to a seasonally adjusted rate of $1,356.4 b...
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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 Home Sales Exceed Projections in May

New single-family home sales in the U.S. are on the rise. According to the Census Bureau and Department of Housing and Urban Development, sales increased 16.6% in May to a seasonally adjusted annual rate of 676,000. This is better than expected as MarketWatch reported analysts predicted a rate of 650,000, and Reuters' economists forecasted sales wo...
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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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Housing Starts See Modest Rebound in May

U.S. housing starts have started to rebound; however, they are still well below the data from a year ago. Housing starts increased 4.3% in May, according to this week's announcement from the Census Bureau and Department of Housing and Urban Development. Yet, this is 23.2% below May 2019. Housing starts were at a seasonally adjusted rate of 974,000 ...
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