Demand For Most Types of Nonresidential Projects Remains Flat Amid COVID-Uncertainty, Dwindling State and Local Budgets and the Lack of New Federal Coronavirus Relief Measures, Putting Jobs at Risk
Help Us Generate a Comprehensive Outlook for 2021 by Taking the Survey Today Each year around this time, AGC asks you – our members – to predict what next year will be like for your business. AGC has partnered with Sage to prepare questions that focus on expectations for market performance, hiring, labor market conditions, etc. Please take a moment to complete the survey here.
California and Vermont Post Worst Losses since February as Virginia and South Dakota Add the Most;Illinois and Iowa Have Worst One-Month Job Losses, While New York and Vermont Post Biggest Gains
California & Vermont Lost the Most Jobs for the Year, Utah & South Dakota Added the Most; Hawaii & Nevada Lost the Most Jobs Between July and August, New Mexico & California Added the Most
Steep monthly declines in public and private nonresidential construction spending offset a surge in homebuilding in July, while industry employment decreased compared to July 2019 levels in two-thirds of the nation’s metro areas, according to an analysis by the Associated General Contractors of America of government data released today. Association officials said many commercial construction firms were likely to continue shedding jobs without needed federal coronavirus relief measures.
California and New Mexico Have Worst One-Month Job Losses While New York Has Largest Increases; California and Vermont Post Worst Yearly Declines as Utah and South Dakota Have Largest Gains
Gains in July are Limited to Residential Side as State and Local Governments and Private Owners Postpone And Cancel Upcoming Projects; Association Urges Prompt Federal Action to Make up for Revenue Losses
New York City and Brockton-Bridgewater-Easton, Mass. Have Worst 12-Month Losses, While Austin and Walla Walla, Wash. Top Job Gainers; 81 Percent of Metros Add Construction Jobs from May to June
On June 17, the U.S. Small Business Administration and the Department of the Treasury released a revised Paycheck Protection Program (PPP) loan forgiveness application, implementing the fixes from the AGC-backed Paycheck Protection Program Flexibility Act enacted June 5. The agencies also released a streamlined “EZ version” of loan forgiveness application that may be used in limited circumstances. The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. AGC continues to press for improvements to the PPP and will provide further updates as they develop.
Gains in May Reflect Temporary Support from Paycheck Protection Program Loans and Easing of Construction Restrictions, But Hobbled Economy and Tight State and Local Budgets Risk Future Job Losses