Michael Latas & Associates Construction Report - July 2020
Executive Summary
Construction backlogs and construction employment both increased in July vs. June by +2.5% and +0.7% respectively
Total construction backlogs grew by +2.5% from last month with infrastructure construction growing fastest at +7.5%
Heavy industrial construction lagged other areas and were up 2.0% from month; leaving them down 31.6% from last year
Current backlogs are 9.0% lower than last year while infrastructure backlogs are 26.6% higher than last year
The United States gained 1.8M jobs in July (seasonally adjusted)
The construction industry grew faster than the overall market by growing +0.7% vs. +0.4% for all industries
General contractors in residential construction had the most gains in July vs. June, +1.8%, while general contractors in commercial projects only added +0.5%
July was the 3rd straight month of increased employment form the lows of April
Recruiting starts have increased dramatically in the last 30 days
