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!

Keep reading

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