Following an October that hit a four-year high in construction spending, the construction sector continued to see progress in November. According to McGraw Hill Construction, the Dodge Momentum Index, which measures the initial report for nonresidential building projects in planning on a monthly basis, had increased by 2.8% in November. After stalling the previous month, the Momentum Index rose to 117.9 (Year 2000=100) in November, compared to the 114.7 measurement in October. This latest measurement marks the highest reading for the index since March 2009.
Not only did November experience a rise in the Dodge Momentum Index, but new government data shows construction employment increased as well. According to an analysis by the Associated General Contractors of America (AGC), about 17,000 jobs were added by employers within the sector, bringing employment to its highest level since August 2009. Compared to a year ago, employment has increased by an estimate of 178,000 jobs, totaling about 5,851,000 in November, while the unemployment rate has dropped from 12.2 percent in November 2012 to 8.6 percent last month.
For more information about the Dodge Momentum Index or AGC’s complete analysis, follow the links below: