Connecting Talent and Opportunity: Your US Construction Update for September

Welcome to Necto Selection's US Construction Update for September. As we round off Q3, our objective remains clear: providing you with the latest insights, top job listings, and crucial updates from the US construction sector. In this edition, we dissect current salary trends, delve into the dynamics of leadership roles, and highlight feedback from our engaged LinkedIn community. Stay connected and be in the know about the ongoing shifts in the US construction world.

Stability in Construction Costs: A Signal of Times Ahead

For those closely watching the construction industry, recent developments have brought a breath of fresh air. Remarkably, despite an unpredictable economic landscape, construction input prices have remained fairly stable throughout Q3. July data marked the fifth successive month without an increase, painting a picture of emerging stability in an otherwise volatile market.

Key Insights:

1. While overall construction costs are now 3.1% lower than last year, nonresidential input prices have dipped 2.7% since 2020. It's worth noting, however, that despite these declining figures, construction inputs still loom around 40% higher than pre-pandemic levels.
2. ABC Chief Economist, Anirban Basu, noted a stagnation in goods prices, attributing this stability to improved supply chains and a muted global economy. He emphasized that the uplift in U.S. economic outcomes can largely be attributed to these enhanced supply chains.
3. Despite this broad stability, energy costs have been the exception. Natural gas prices spiked by 11% in July, and crude petroleum and unprocessed energy materials saw increases of 8.4% and 8%, respectively.
4. Basu predicts that barring energy prices, which can be swayed by multiple factors like geopolitics and weather, construction material prices are likely to remain stable in the coming months. The normalized supply chains, he suggests, are ensuring demand is met more readily than before.
5. Yet, construction equipment prices are still on the rise. With an almost 2% increase in July and a near 10% rise over the past year, the demand driven by increased U.S. infrastructure spending is evident. Lead times for equipment remain a significant concern for many contractors.
6. AGC officials have voiced concerns about the stringent 'Buy America' requirements for public projects. Many U.S. products, they point out, might fall short of these requirements due to minor components being sourced internationally.
7. Sebastian Obando, who reported these findings, underscores the crucial role of supply chain improvements in stabilizing prices. However, as contractors breathe a sigh of relief, the broader implications of policies like 'Buy America' remain to be seen.

For a comprehensive understanding of these trends and their potential implications for the construction industry, Click Here

Salary Focus - Last Chance to Enter

Our US construction salary survey is almost ready to wrap up. We've received a ton of insights and can't wait to share. Your input is invaluable to shed light on salary trends and patterns in the sector.

Here's a chance to contribute to industry transparency and support both businesses and professionals in their strategic decisions.

?? Participate now:

Top Job Opportunities

Boston's Construction Landscape is Calling!?

We've partnered with some of the top contractors in the city, and we're on the hunt for top-tier talent. All positions are based in Boston and the salaries are as competitive as the roles are diverse. If you're passionate about shaping Boston's skyline, apply here today.

Senior Superintendent?

An invitation to experienced professionals to explore multiple Senior Superintendent opportunities in the heart of Boston. Envision spearheading iconic projects like a 33-storey luxury hospitality venture or a sprawling 50+ storey mixed-use development. The ideal applicant should boast over ten years in commercial construction management, an impeccable safety record, and proficiency in collaborating with subcontractors and understanding various construction plans.?Apply here.

(For more opportunities, check out our Job Listings)

Join the Conversation

This week we kicked off a poll that looks at the reputational weight of top-rated industry giants vs lesser known operators with compelling perks

Initial insights:

• Only 13% are steadfast in their preference for top-rated companies.
• At a significant 44% each, respondents are evenly split between prioritizing salary over reputation and valuing the role & benefits over brand fame.

The poll has only just started, so weigh in and share your perspective on Paddy McDade’s LinkedIn poll.

Let’s Talk

At Necto Selection, we're dedicated to helping construction professionals advance their careers, and connecting employers with top-tier talent. Whether you're seeking a new role or looking to hire, we're here to help.