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Michael Latas & Associates
Construction Report - March 2021

Executive Summary
  • Construction backlogs and employment increased in March vs. February by +9.3% and +1.5% respectively
  • Total construction backlogs increased by +9.3% from last month with infrastructure construction growing fastest at +30%
    • Infrastructure firms also added people faster than any other area growing at 2.6% from the prior month
  • Current backlogs are 7.9% lower than last year
  • The United States gained 916K jobs in March while the construction industry added 110K jobs or 3X the rate of the overall economy 
    • The construction industry grew by +1.5% vs. a increase of +0.6% for all industries
    • Heavy Civil contractors had the most gains in March vs. February, +2.6%
    • General contractors in residential construction grew 1.2% in March vs. February assisted by low interest rates creating a strong housing market
  • General Contractors have more people employed than at this time last year
  • Recruiting starts have increased dramatically in the last 30 days
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Michael Latas & Associates
Since 1975

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latas@latas.com

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