Construction spending during August 2024 was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1 percent below the substantially downward revised July estimate of $2,133.9 billion (down over $28 billion). The contraction came almost exclusively in the heavily reduced residential private sector segment – offsetting any positive news in the public sector markets that were busy during the final month of summer. However, the year-over-year August figure is a respectable 4.1 percent above the August 2023 estimate of $2,047.4 billion. During the first eight months of this year, construction spending amounted to $1,428.5 billion, a robust 7.6 percent above the $1,327.0 billion for the same period in 2023.   READ MORE

Construction spending during July 2024 was estimated at a seasonally adjusted annual rate of $2,162.7 billion, 0.3 percent below the upward revised June estimate of $2,169.0 billion. However, this July’s figure is 6.7 percent above the July 2023 estimate of $2,027.4 billion. During the first seven months of this year, construction spending amounted to $1,237.5 billion, a fairly robust 8.8 percent above the $1,137.4 billion for the same period in 2023.

READ MORE...

Construction spending during June 2024 was estimated at a seasonally adjusted annual rate of $2,148.4 billion, 0.3 percent below the upward revised May estimate of $2,154.8 billion. However, the June ’24 figure is 6.2 percent above the June 2023 estimate of $2,023.0 billion. Notwithstanding the recent softness – construction spending amounted to $1,034.8 billion, a healthy 8.6 percent above the $952.5 billion for the same six-month period in 2023.   Read More

Construction spending during May 2024 was estimated at a seasonally adjusted annual rate of $2,139.8 billion, 0.1 percent below the upward revised April estimate of $2,142.1 billion. The May figure is 6.4 percent above the May 2023 estimate of $2,011.8 billion. During the first five months of this year, construction spending amounted to $836.3 billion, 8.8 percent above the $768.6 billion for the same period in 2023.  READ MORE

Construction spending during April 2024 was estimated at a seasonally adjusted annual rate of $2,099.0 billion, 0.1 percent below the upwardly revised March estimate of $2,101.5 billion. The April figure is a healthy 10.0 percent above the April 2023 estimate of $1,907.8 billion, with most of the increases month-over-month in the private sector (+$11.0 billion from the non-revised March levels). During the first four months of this year, construction spending amounted to $635.5 billion, 10.9 percent above the $573.0 billion for the same period in 2023.  READ MORE

The Federal Trade Commission (FTC) voted to issue a rule banning non-compete clauses on April 23^rd, 2024. The rule is set to go into effect on September 4, 2024. Under the rule, according to the FTC, non-competes are arrangements that prohibit, penalize, or functionally prevent a worker from getting a new job or starting a business after leaving their employment. In short, the rule bans employers from entering into non-competes with workers covered by this definition.  CIRT opposed the adoption and implementation of this rule, that also makes unenforceable most existing non-competes, except for existing non-competes with senior executives and situations where the non-compete was allegedly breached before the effective date.

To help businesses understand what this rule means for them and how to comply, the FTC has prepared a business and small entity compliance guide. The guide contains step by step instructions for complying along with FAQs further explaining the rule. Additionally, the FTC recorded a compliance webinar for businesses on May 14^th, and you can access the video and transcript at https://www.ftc.gov/news-events/events/2024/05/ftc-compliance-webinar-final-noncompetes-rule.

CIRT members can also access the final rule on the FTC website and in this fact sheet. In particular, the text of the rule and model notices that you can use to comply with the rule’s notice requirement are available on the FTC website. You can also contact the FTC at noncompete@ftc.gov if you have further questions.

 LEGAL CHALLENGE to FTC:

Currently, the FTC final rule is under legal challenge in Federal Court (Texas District), which will most likely delay the rule’s implementation, regardless of the ultimate outcome.

Construction spending during March 2024 was estimated at a seasonally adjusted annual rate of $2,083.9 billion, 0.2 percent below the downward revised February estimate of $2,087.8 billion. The March figure is 9.6 percent above the March 2023 estimate of $1,901.4 billion. The brunt of the slowing occurred on the private sector side of the market (down $8.0 from the lower revised February level). During the first three months of this year, construction spending amounted to $461.0 billion, 10.6 percent above the $416.7 billion for the same period in 2023.  READ MORE....

  

Construction spending during February 2024 was estimated at a seasonally adjusted annual rate of $2,091.5 billion, 0.3 percent below the downward revised January estimate of $2,096.9 billion. The February figure is 10.7 percent above the February 2023 estimate of $1,889.6 billion. Nearly all of the slowdowns came from decreased activity in the public market segment. During the first two months of this year, construction spending amounted to $298.1 billion, 11.9 percent above the $266.5 billion for the same period in 2023.   READ MORE ....

The CIRT Sentiment Index shows strong optimism going into the first quarter of 2024. The overall index score rose to 64.9 from 58.9 in the fourth quarter of 2023. The Design Index also increased sharply to 74.3 from 62.7.  CIRT members recorded much stronger optimism across index compo­nents, especially with respect to: the U.S. economy, the economy where members operate, members’ construction businesses, and the nonresidential sector.  In addition to overall and specific market expectations and trends, the Sentiment Index Report also asks about some current issue of interest, focused on: their backlogs, capacity and hiring goals, women’s participation in their work­forces, top risks and adjustments to their strategic plans for 2024.

For valuable details, see the latest CIRT 1stQ/24 Sentiment Index Report. 

Construction spending during January 2024 was estimated at a seasonally adjusted annual rate of $2,102.4 billion, 0.2 percent below the slightly upward revised December estimate of $2,105.8 billion. However, the January figure is still 11.7 percent above the January 2023 estimate of $1,882.2 billion; with nearly all of the month vs. month slippage occurring in the public sector.  READ MORE