Based upon the U.S. Bureau of Labor Statistics, the first half of 2021 was strong for the construction industry. The seasonally adjusted annual construction spending continues to rise and is above the spending for both 2019 and 2020.
Although labor shortages continue to plague the construction industry, the seasonally adjusted number of employees is well- above the 2020 lows but remains somewhat below the pre-pandemic highs as reported by the U.S. Bureau of Labor Statistics in its September 3, 2021, report.
Also, as reported by Construction Dive, “the American Institute of Architects, serves as an indicator of future construction spending — with a lead time of about nine to 12 months”. Those billings are well-above those reported in both 2019 and 2020. So. There is good reason to be optimistic about the future of the construction industry.
Another measure of the health of the construction industry are the total number of construction starts. Dodge Data & Analytics measures the seasonally adjusted value of total U.S. construction starts each month. The most recent data reported by Dodge shows the total number of construction starts through July was above that reported for both 2019 and 2020.
Construction Dive also reported that “Construction’s backlog (is) steadily approaching pre-pandemic figures.”
All good news!