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Simonson Says


RR062320 SimonsonJuly 21, 2020 – Ken Simonson, economist for the Associated General Contractors of America (AGC), said that most states added construction jobs through mid-June, a promising sign. "The U.S. economy expanded at a slight to modest pace since the prior report as business activity varied across the country,” the Federal Reserve reported in the latest “Beige Book,” a summary of informal surveys of businesses in the 12 Fed districts from mid-May through July 6. (Districts are referenced by the names of their headquarters cities.) “Construction remained subdued, but picked up in some districts.” AGC posted excerpts from each district’s report, including the following comments relevant to construction. New York: New construction activity has remained quite sluggish, though many ongoing construction projects have begun to start up again, as restrictions have been eased. Cleveland: Nonresidential construction rebounded as delayed projects in some areas were restarted. However, several nonresidential builders indicated that there were few new projects entering the pipeline and that backlogs were being worked down, raising concerns that activity may weaken in the fall. Chicago: Nonresidential construction decreased slightly on net, with much of the activity representing work on projects in progress before the pandemic.