June 30, 2022

June Industry News Roundup

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Industry Trends

In June, the construction industry had to contend with increases in costs across the board - labor, new and used equipment, fuel and materials. However, infrastructure investments are driving increases in bid prices, hiring, and cash flow. Here are some selected news stories from across the construction industry:

“Prices for Materials, Equipment, Labor, Shipping Continue to Increase”

From For Construction Pros: Costs increased industry-wide last month on equipment, materials, labor and shipping, according to the latest IHS Markit PEG Engineering and Construction Cost Index. READ MORE

“By The Numbers: Contractors Say Hiring And Cash Flow Are Up”

From Conexpo Con/Agg: According to Trimble Viewpoint’s most recent Quarterly Construction Metrics Index, contractors are hiring more and cash flow has increased significantly thus far in 2022. READ MORE

“Rising Labor Costs Eat Away At Construction Firms’ Profits”

From Construction Dive: According to the Bureau of Labor Statistics, average hourly earnings for construction employees in production and nonsupervisory roles rose 6.3% from last year– the highest gain in 40 years. READ MORE

“Contractors Respond To ‘Runaway Costs’ With Higher Bids”

From Conexpo Con/Agg: After a year of rising price increases for building materials and services, nonresidential building bid prices have caught up with costs. READ MORE

“Federal Funding Uncertainty Affects Transportation Planning, Study Finds”

From Construction Dive: A report issued by the National Cooperative Highway Research Program finds that uncertainty among government leaders “has not had a major impact,” but the impact has been negative. READ MORE

“Report: Class 8 Used Truck Prices 75% Higher Than 2021”

From For Construction Pros: Average prices for Class 8 used trucks were up 75% from April 2021 to April 2022, with average miles up 6% and age up 7%, according to an ACT Research report. READ MORE

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