Michael Latas & Associates Construction Report - August 2020
Executive Summary
Construction backlogs and construction employment both increased in August vs. July by +2.6%% and +0.2% respectively
Total construction backlogs increased by +2.6% from last month with heavy infrastructure construction growing fastest at +4.3%
Heavy Industrial construction lagged other areas and were down 3.7% from last month; leaving them down 9.2% from last year
Current backlogs are 5.9% lower than last year while infrastructure backlogs are 4.3% higher than last year
The United States gained 1.4M jobs in August (seasonally adjusted)
The construction industry grew by +0.2% vs. +1.0% for all industries
General contractors in commercial construction had the most gains in August vs. July, +1.3%, while general contractors in residential projects added +0.4%
August was the 4th straight month of increased employment form the lows of April
Recruiting starts have increased dramatically in the last 30 days