New Study Warns of Global Merchant Sailor Shortage

The commercial shipping industry is on track to face a serious shortage of merchant sailors in five years if urgent action is not taken, according to the recent Seafarer Workforce Report from BIMCO and the International Chamber of Shipping (ICS).A merchant sailor shortage would further strain the already overwhelmed global supply chain. Commercial ...
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New US Measures on Xinjiang Would Hurt Global Trade, China says

The U.S. recently accused Xinjiang of using forced labor, which has led lawmakers to support blocking imports from the region. American companies also were warned of legal risks if they do business in this area, the Associated Press reported.The U.S. Senate approved a measure earlier this month that would block imports of goods made with forced lab...
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Construction Employment Remains Below Pre-Covid Levels in 39 States

​Continuous demand coupled with labor shortages in the construction industry has halted production across the majority of the U.S. According to the Association of General Contractors (AGC), today's employment levels in the construction industry are still trailing employment levels prior to the global shutdown in 39 states."The construction industry...
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Recovery Bolsters Business Transformations, New S&P Survey Shows

Businesses are increasingly optimistic as the economy continues to recover from the pandemic, according to a survey published by S&P Global Market Intelligence this week. This optimism is despite the varying levels of transformation several companies have undergone due to COVID-19.According to the survey, 90% of businesses noted some degree of ...
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American Express Survey: Global B2B Spending is on the Rise

Business-to-business (B2B) spending continues to increase, which indicates that businesses are becoming more confident about the future economy, according to American Express Global Spend Indicator data released yesterday.Of the surveyed companies, 70% worldwide share an optimistic outlook for the next 12 months, the report finds.Companies are star...
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Middle East Shifting Focus Toward Renewable Energy to Boost Economy

 The Middle East has relied on the production and distribution of oil for decades to sustain its economy. Now, with GDP projecting a decrease in oil and non-oil growth in the coming years, that production is expected to decline as the Gulf region prepares to invest more in renewable energy sources."We reject the false choice between preserving...
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Revised NRF Report: Economic Recovery Post-COVID Stronger than Expected

The economy is expected to bounce back at a stronger rate than originally predicted in the second half of 2021, said National Retail Federation Chief Economist Jack Kleinhenz in the Monthly Economic Review earlier this month."It has become clear that the U.S. economy and retail sales are growing far faster and more steadily than anyone could have e...
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Construction Input Prices Rise 4.6% in May; Softwood Lumber Prices Up 154% From a Year Ago

Construction input prices increased 4.6% in May compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics' Producer Price Index data released today. Nonresidential construction input prices increased 4.8% for the month.Construction input prices are 24.3% higher than a year ago, w...
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Will BIM Become the Standard in the USA?

Construction projects around the world have been, and are continually being revolutionized by the techniques of Building Information Management, or BIM. The benefits of BIM in the realms of architecture, engineering, and construction are multifaceted, from improvements in speed and efficiency to reducing materials wasted and increasing safety. Thes...
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Construction Jobs Take a Hit in January

The construction industry took a hit in January after losing 3,000 jobs on net, which Associated Builders and Contractors (ABC) Chief Economist Anirban Basu likened to "the damage to many state and local government balance sheets." Despite the setback last month, ABC said the construction industry added 857,000 jobs over the past nine months and re...
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Promising End to 2020 Housing Starts Don’t Guarantee 2021 Success

The construction industry ended 2020 on relatively good terms, specifically in regards to housing starts. Despite the hit to the multifamily sector—which decreased 13.6% in December—the National Association of Home Builders (NAHB) reported that gains in single-family housing starts led to an increase in overall housing starts of nearly 6%.Acco...
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Rise in Nonresidential Construction Input Prices Raise Concerns

Construction input prices remained relatively low during the latter half of 2020, but December's nearly 2% increase in pricing has nonresidential contractors concerned.Nonresidential construction input prices were the cause behind the unexpected increase, with a annual change of 2.7%, according to Associated Builders and Contractors (ABC)...
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Construction Industry Ends 2020 with an Uptick in Jobs

The construction industry ended 2020 on a positive note with the addition of 51,000 net new jobs in December and a recovery of more than 79% of construction jobs lost since the pandemic struck the U.S. Nonresidential construction employment was behind the industry's gain, adding 29,000 net jobs.According to Associated Builders and Contractors (ABC)...
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Congress Closing in on Additional COVID-19 Relief

As of the morning of Dec. 17, Congress has yet to reach a final deal on the next COVID-19 relief package and omnibus government funding bill, but leadership worked through the night and has reportedly made significant progress. All signs point to a deal on Friday or over the weekend, averting a government shutdown and providing some COVID-19 relief...
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Steady Construction Input Prices Could Change in 2021

Contractors saw a 0.5% decline in construction input prices in November, a slight increase over the prior year. Although Associated Builders and Contractors (ABC) Chief Economist Anirban Basu described the price drop as "a natural growth of a strong economic rebound," there's still a possibility of a resurgence in prices next year.Softwood lumber w...
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Dodge Momentum Index Falls in November

The Dodge Momentum Index (DMI) saw a slight step back in November, the second straight month with a decline. The Momentum Index from Dodge Data & Analytics, which measures nonresidential building projects at their first reporting, fell 2.6%."Uncertainty over the potential for further federal stimulus has significantly complicated the recovery a...
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Nonresidential Construction Adds More Jobs

The construction industry is likely to see a slowdown in the coming winter months, but a promising start was shown in November in part by the addition of 27,000 net new jobs. According to Associated Builders and Contractors' (ABC) analysis of U.S. Bureau of Labor Statistics data, the latest round of new jobs brings the industry's new added job tota...
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Existing-Home Sales Increase in October

Existing-home sales continue to climb as housing inventory dwindles in the U.S. For the fifth straight month, sales increased in October, according to the National Association of Realtors. The seasonally adjusted rate of 6.85 million is 4.3% ahead of September, 26.6% above October 2019 and at its highest pace in 14 years. "The surge in sales in rec...
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Winter Slowdown-Pandemic Combo a New Hurdle for Construction

Winter is coming and that means the inevitable slowdown in construction is not far behind. Depending upon specialties, some construction companies fare better than others during the winter months, but slight declines in overall business are common during the industry's offseason. What remains uncharted territory for many in the sector is the combin...
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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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