Another Victorian building company has gone bust, weeks after the collapse of one of Australia’s largest home builders, Porter Davis, and construction firm Lloyd Group. Award-winning builder Mahercorp announced it went into voluntary administration on April 21, affecting more than 700 homes, as the industry continues to struggle amid the cost of living crisis. In…
Australian Residential Building Sector Issues Warning: Report
The residential home construction industry is warning that the building boom in Australia has ended and is expected to fall to levels not seen since 2012. In its latest Economic and Industry Outlook Report, the Housing Industry of Australia (HIA) said the consecutive cash rate increases that began in May 2022 brought an end to…
California’s Labor Shortages Persist Amid Dropping Unemployment Rate
April 19, 2022
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California’s unemployment rates decreased substantially over the past year according to the latest data from the U.S. Department of Labor, but businesses still face worker shortages. Employment rates have increased in 49 states in the nation, according to an April 15 report (pdf) released by the labor department’s Bureau of Labor Statistics, with California accounting…
US Housing Starts Decline in Cold Weather, Supply Chain Continues to Be Problematic
New residential construction projects or privately-owned housing starts, a key indicator of economic strength, declined 4.1 percent in January, as some regions in the country face freezing weather conditions along with continuing supply chain issues. “Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,638,000. This is 4.1 percent below the…
US Construction Spending Rose in November, Led by Residential Market: Commerce Department
The Commerce Department’s Jan. 3 report announced that total construction spending rose 0.4 percent in November 2021 at a seasonally adjusted annual rate of $1,625.9 billion, amid strong gains in single family home construction after a similar upswing in October. Spending in October was revised by the Commerce Department up to 0.4 percent at $1,618.8 billion, from the prior…
Largest Market Driven Increase in Construction Costs Driving Australian Inflation
Australian construction costs in the September quarter jumped at its highest rate in over 20 years, as the industry struggles with supply chain disruptions, material shortages, and high demand for building and renovation services. CoreLogic’s Cordell construction cost index found that residential construction costs rose 3.8 percent nationally during the three months to September, which…
Zillow to Stop Buying New Homes for the Rest of the Year as It Struggles to Manage Backlog in Renovations
October 20, 2021
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Online real estate marketplace Zillow on Monday announced it will stop buying new homes for the rest of the year due to a backlog in renovations and operational capacity constraints. The company’s Chief Operating Officer, Jeremy Wacksman, said in a statement that Zillow will not be signing any new, additional contracts to buy homes through the end…
Construction to Resume in Sydney and New South Wales Regardless of Vaccination Status
September 21, 2021
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The New South Wales (NSW) construction industry will return to full capacity from next Monday, Sept. 27, as vaccination rates climb. All construction sites will open at a total capacity of one person per four square metres, regardless of workers’ vaccination status. However, workers from the 12 local government areas (LGA) of concern will still…
Construction Industry’s Nine Month Growth Streak Broken by Lockdowns
August 3, 2021
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Australia’s construction industry contracted for the first time in July after nine months of continuous expansion after harsh lockdown restrictions were implemented in various states around the country. The fall, which was noted by the Australian Industry Group (Ai Group) and the Housing Industry Association’s (HIA) construction performance index, fell 6.8 points to 48.7 in…
‘Bloody Angry’: Construction Industry Furious at Shutdown Decision
July 20, 2021
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AustraliaAustralian Constructors AssociationAustralian Industry Groupconstruction industryDominic PerrottetGladys BerejiklianNSW governmentNSW lockdownWorld
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The New South Wales government is under intense pressure from the construction industry over its sudden decision to close the whole sector down across Greater Sydney. Construction union CFMEU said the industry was “bloody angry” after the announcement was made on Saturday. “Last Friday, we were still told the industry could keep going,” CFMEU Secretary…
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