Economic and industry news or trends
The Construction Beat: Secretary of labor puts hold on OSHA virus rule, President Joe Biden’s $2 trillion infrastructure plan and soaring material prices
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This week, we’re bringing you updates on the secretary of labor’s hold on OSHA virus rule, President Joe Biden’s $2 trillion infrastructure plan, soaring material prices and more.
Labor chief Walsh puts hold on OSHA virus rule for more analysis
It has been weeks since the March 15 deadline President Biden’s executive order had set for the Occupational Safety and Health Administration to determine whether a standard was required for protecting workers from COVID-19 in the workplace. OSHA never published an answer. However, Secretary of Labor Marty Walsh has now ordered the release of any emergency temporary standard to be put on hold to review the latest scientific analysis of the virus.
Biden’s $2 trillion infrastructure plan has something for everyone
At the end of March, President Biden released the details for his “American Jobs Plan.” The plan included $621 billion for transportation infrastructure, $689 billion for buildings and utilities and $500 billion for worker training, research and development and domestic manufacturing initiatives. Other areas the plan was allocated resources for include airports, roads and bridges and federal buildings.
Soaring material prices, supply chain delays scare owners and developers
Consumer confidence continues to rise as the construction industry seeks to bounce back in a post-pandemic world. However, continued kinks in the global supply chain have been driving material prices higher and higher. The rising prices may be enough to scare previous confident owners/consumers.
Supply chain disruption: Protecting your business
Beyond the pandemic, global supply chains continue to experience disruption due to various events such as the severe weather conditions in Texas or the blockage of the Suez Canal. Due to such events, supply chains are anticipated to be affected for the coming months. To protect businesses from such disruption, leaders must identify the risk exposure, prioritize and be proactive.
4 residential construction trends shaping the industry
Statistics such as the rising of lumber prices, home sales falling in February, U.S. households struggle to afford new median priced homes, and higher material costs will continue to shape the construction industry for the coming months.
U.S. home prices rise at fastest pace in 15 years
From small cities such as Bridgeport, Conn., to larger ones like Seattle, home prices have been steadily rising the past 15 years. The strength of the market can be attributed to factors such as lower mortgage rates, millennials aging into their home-purchasing years and new construction struggling to keep up with demand.
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