Construction Industry News

NATIONAL—Skanska released a ninth-month report recording results from January through September 2020. The Swedish construction firm reported a decline in third-quarter profits of 29%, a number which beat earlier analyst expectations for the quarter. The company recorded an operating profit of $174.3 million, or 1.53 billion Swedish krona.

WATSONVILLE, California-—Granite Construction Incorporated provided a business update and third quarter 2020 preliminary select financial information.

WASHINGTON (November 10, 2020)—Associated Builders and Contractors reported that its Construction Backlog Indicator rebounded to 7.7 months in October, an increase of 0.2 months from September’s reading, according to an ABC member survey conducted from October 20 to November 5. Backlog is 1.2 months lower than in October 2019.

NATIONAL (Nov. 6, 2020)—Construction employment increased by 84,000 jobs in October, with jobs added in both nonresidential and residential categories, according to an analysis by the Associated General Contractors of America of government data.

WASHINGTON (November 3, 2020)—Commercial and multifamily mortgage loan originations were 47% lower in the third quarter compared to a year ago, and increased 12% from the second quarter of 2020, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

LOS ANGELES—Tutor Perini Corporation reported results for the third quarter of 2020. Revenue was $1.4 billion, the highest revenue of any quarter in more than 10 years and up 21% compared to $1.2 billion for the third quarter of last year. The company experienced double-digit revenue growth across all segments with only an immaterial impact from the COVID-19 pandemic in the third quarter of 2020.

NATIONAL—A small increase in total construction spending in September masked a widening gap between declines in most nonresidential segments and robust gains in residential construction, according to an analysis by the Associated General Contractors of America of government data.

IRVING, Texas—Fluor Corporation announced that David E.

NATIONAL (October 28, 2020)—Construction firms are experiencing widespread project deferrals and cancellations, along with disruptions to ongoing work and few new project awards, as the economic damage from the pandemic drags down industry employment in metro areas across the nation, according to a new survey a

WASHINGTON (October 29, 2020)—The United States economy expanded at an annualized rate of 33.1% during the third quarter of 2020, helping to offset a significant share of the economic loss sustained during the second quarter, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Economic Analysis.

IRVING, Texas—Fluor Corporation has announced delayed financial results for its quarter ended March 31, 2020.

CARPINTERIA, California (October 27, 2020)—Procore Technologies Inc. announced it has acquired Estic

NATIONAL (October 20, 2020)—Only eight states and the District of Columbia have recouped the severe pandemic-induced losses of construction jobs that occurred last spring, according to an analysis by the Associated General Contractors of America of government employment data.

Single-family starts showed continued growth in September as overall housing production increased 1.9% to a seasonally adjusted annual rate of 1.42 million units, according to a report from the United States Department of Housing and Urban Development and the U.S. Census Bureau.

San Rafael, California (October 13, 2020)—Autodesk Inc. recently announced the international expansion of BuildingConnected, a construction management solution that centralizes and streamlines the bidding process, and encompasses the Autodesk Construction Cloud builders network, a crowdsourced network of co

Long Beach, California—Hino Trucks announced, Project Z, the company’s development path to zero emissions vehicles (ZEV), ranging from class 4 to class 8. 

The ZEV products ranged from a class 5 on a SEA Electric SEA-Drive 120a on a Hino M5 chassis, up to a Hino XL Series class 8 tractor powered by Toyota’s Fuel Cell system (see Toyota/Hino joint press release for more detail).

Birmingham, Ala. (Oct. 16, 2020)—Construction Business Owner, the leading business magazine for contractors, is pleased to announce a free webinar presented in partnership with AvidXchange.

The live, online event, “7 Reasons to Move Your AP Processes Into the Future” will take place Nov. 19, 2020, at 2 p.m. EST, and will discuss how to give your team the tools they need to become more productive, strategic and transparent.

NATIONAL (October 15, 2020)—Turner Construction Company announced that the Q3 2020 Turner Building Cost Index—which measures costs in the nonresidential building construction market in the United States—has decreased to a value of 1171. This represents a 0.51% reduction from the Q2 2020. 

NEW JERSEY (October 15, 2020)—Total construction starts dipped 18% in September to a seasonally adjusted annual rate of $667.7 billion, essentially taking back August’s gain. While some of this decline is certainly payback from several large projects entering start in August, the drop in activity brought total construction starts below levels seen in June and July. Nonresidential starts fell 24%, while residential building dropped 21% over the month.