Construction Industry Update - August 16, 2024

Construction Industry Update - August 16, 2024

Top Headlines

1. Construction Industry Roaring Ahead: New home projects and a boost in civil engineering helped the sector grow at its fastest pace in over two years last month¹.

2. July Job Growth: The construction industry added 25,000 jobs in July, with year-over-year employment expanding by 239,000 jobs (3.0% increase)².

3. Sustainable Upgrades in Michigan: The U.S. General Services Administration is investing $34.1 million for sustainable upgrades to the Patrick V. McNamara Federal Building³.

Market & Trends

1. Stagnation in Nonresidential Construction Spending: Interest rates and tight credit conditions stall projects, impacting nonresidential construction spending⁴.

2. Manufacturing Boom: Mapping the biggest facilities underway in the U.S., including a $4.1 billion healthcare manufacturing center and a $620 million solar facility⁴.

Company News

1. Flatiron and Dragados Merge: Forming a U.S.-based infrastructure giant with a backlog of $17.2 billion and operations in 24 states and eight Canadian provinces⁴.

2. Cybersecurity Provisions in Construction Contracts: Lawyers discuss ways to guard against legal risks of cyberattacks and breach incidents⁴.

Technology & Innovation

1. Green Construction Innovations: Technologies focused on sustainability capture about 35% of total investment in Q2 2024⁴.

2. Hensel Phelps Tapped for California Border Entry: Building a new pedestrian processing facility as part of the Calexico West land port project⁴.

Sustainability

1. $53M for Sustainable Construction in Michigan: Upgrades to the Patrick V. McNamara Federal Building downtown³.

Workforce & Skills

1. Labor Demand Changes: Major shifts attributed to residential construction, while the commercial sector retains momentum⁴.

International Projects

1. $11.6B Texas LNG Terminal Progress: Settlement allows lead contractor Zachry Holdings to exit the Golden Pass export project owned by ExxonMobil and Qatar Energy⁴.

Policy & Regulation

1. White House and CISA Appointments: Key cybersecurity officials named as national resilience strategy rollout continues⁴.

Materials & Innovation

1. Construction Technology Trends: Stay informed on the latest tech shaping the industry⁴.

Financial & Legal

1. Cybersecurity Provisions in Construction Contracts: How and why to add cybersecurity provisions to protect against legal risks⁴.

Looking Ahead

1. Industry Outlook: Keep an eye on upcoming trends and developments⁴.

Innovation Spotlight

Stay tuned for exciting innovations in the construction industry!