Associated Builders and Contractors reported today that its Construction Backlog Indicator inched up to 8.5 months in November from 8.4 months in October, according to an ABC member survey conducted Nov. 20 to Dec. 4. The reading is down 0.7 months from November 2022. View ABC’s Construction Backlog Indicator and Construction Confidence Index tables for November. View the full Read more
Industry News
Associated Builders and Contractors reported today that its Construction Backlog Indicator inched up to 8.5 months in November from 8.4 months in October, according to an ABC member survey conducted Nov. 20 to Dec. 4. The reading is down 0.7 months from November 2022.
View ABC’s Construction Backlog Indicator and Construction Confidence Index tables for November. View the full Construction Backlog Indicator and Construction Confidence Index data series.
Despite the monthly increase, backlog is currently 0.8 months lower than at July’s cyclical peak. The sharpest declines over that span occurred among contractors with more than $100 million in annual revenues, who collectively reported fewer than 10 months of backlog in November for the first time since the second quarter of 2018.
ABC’s Construction Confidence Index readings for sales and staffing levels increased in November, while the reading for profit margins fell. All three readings remain above the threshold of 50, indicating expectations for growth over the next six months.
“A growing number of contractors are reporting declines in backlog,” said ABC Chief Economist Anirban Basu. “The interest rate hikes implemented by the Federal Reserve appear to be making more of a mark on the economy. Not only has the cost of capital risen over the past 20+ months, but credit conditions are also tightening, rendering project financing even more challenging.
“The good news is that certain interest rates have begun to fall in anticipation of Federal Reserve rate cuts next year, perhaps as early as the first quarter,” said Basu. “Still, 2024 is poised to be weaker from a construction demand perspective for many firms, especially those that depend heavily on private developers. Those operating in public construction and/or industrial segments should meet with less resistance on average.”
Note: The reference months for the Construction Backlog Indicator and Construction Confidence Index data series were revised on May 12, 2020, to better reflect the survey period. CBI quantifies the previous month’s work under contract based on the latest financials available, while CCI measures contractors’ outlook for the next six months. View the methodology for both indicators.
Bradford White Corporation, an industry-leading manufacturer of water heaters, boilers and storage tanks, joined Junior Achievement of the Michigan Great Lakes and other supporting area organizations to celebrate a ribbon-cutting for the Karl & Susan Hascall JA Finance Park® on Monday, Dec. 4. Bradford White supports JA Finance Park through Industry Forward®, its signature charitable Read more
Bradford White Corporation, an industry-leading manufacturer of water heaters, boilers and storage tanks, joined Junior Achievement of the Michigan Great Lakes and other supporting area organizations to celebrate a ribbon-cutting for the Karl & Susan Hascall JA Finance Park® on Monday, Dec. 4.
Bradford White supports JA Finance Park through Industry Forward®, its signature charitable giving initiative, developed to help advance workforce development and increase public awareness of career opportunities in the plumbing and HVAC industries. Bradford White has pledged $125,000 over the next five years as a storefront partner in the “home improvement” category.
At JA Finance Park, middle- and high-school students can learn about the financial consequences of life choices as they’re introduced to important information about careers in STEM and the skilled trades.
“We’re proud to support Junior Achievement of the Michigan Great Lakes as a storefront partner in JA Finance Park and help students learn how to make educated decisions when purchasing an appliance such as a water heater for their home, as well as career opportunities available in the skilled trades,” said Rebecca Owens, senior manager of communications for Bradford White. “This is a unique opportunity for students throughout Western Michigan to learn critical financial decision-making in a simulated way, helping them be smarter consumers in the future.”
For more information about Bradford White Corporation’s Industry Forward® initiative, visit https://www.bradfordwhitecorporation.com/giving/.
American Standard Water Heaters’ innovative Hybrd Heat Pump water heater was featured in a recent episode of Military Makeover airing on Lifetime TV. The renovation of a home in Arlington, Texas included a new 50-gallon hybrid heat pump water heater. It replaced a similar size electric unit but offers more efficiency, built-in leak detection, Wi-Fi Read more
American Standard Water Heaters’ innovative Hybrd Heat Pump water heater was featured in a recent episode of Military Makeover airing on Lifetime TV.
The renovation of a home in Arlington, Texas included a new 50-gallon hybrid heat pump water heater. It replaced a similar size electric unit but offers more efficiency, built-in leak detection, Wi-Fi capability and other features that make it an important component to the renovation. Military Makeover features co-hosts Montel Williams and Art Edmonds.
The “Big Reveal” in the renovation of the home of Carlos Colón-Ruiz aired on Friday, Dec. 1 and included the segment on the hybrid heat pump water heater. The final episode of the series with Colón-Ruiz aired on Friday, Dec. 8. It will also re-air on Thursday, Dec. 14.
Joshua Goncalves, Product Marketing Manager for Ariston Group, outlined to Edmonds the features of the Hybrid Heat Pump water heater in the penultimate episode of the five-part series. “These are up to 400 percent efficient, his old tank was maybe 90 percent efficient, so they should see some serious money savings by going to this technology,’’ Goncalves said.
Ruiz, an Army veteran of the war in Afghanistan, received the Purple Heart from President George W. Bush after he suffered injuries that included loss of sight in one eye, hearing impairment, loss of two fingers and two paralyzed fingers.
As part of the renovations, workers installed modern landscaping and pavers, several safes and delivered new furniture. Colón-Ruiz and his family were also treated to a fishing trip.
American Standard Water Heaters Hybrid Heat Pump water heater is a new trend in residential hot water delivery. Hybrid heat pump water heaters take heat from the surrounding air and transfer it to water in an enclosed tank. During period of high hot water demand, the pumps switch to standard electric resistance heat.
The American Standard Water Heaters Hybrid Heat Pump water heater includes a 10-year limited warranty, an i-Memory self-learning habit algorithm, and is Energy Star listed and AHRI certified. It is available in 50, 65 and 80 gallon capacities.
“We’re excited to have the opportunity to work with Military Makeover on this project,’’ Goncalves said. “Mr. Colón-Ruiz should see consistent hot water and a significantly reduced energy bill thanks to the Hybrid Heat Pump water heater.”
For more information about American Standard Water Heaters, visit americanstandardwaterheaters.com.
Visit militarymakeover.tv to find out more about Military Makeover.
From now until September 30, 2024, contractors in the Northwest can earn an additional $500 for every qualifying heat pump water heater they install, thanks to the Bonneville Power Administration’s (BPA) Comfort Ready Home program. To participate, contractors must be enrolled in the Comfort Ready Home Residential Contractor Network and join the Greener Water Heater promotion. The heat pump water Read more
From now until September 30, 2024, contractors in the Northwest can earn an additional $500 for every qualifying heat pump water heater they install, thanks to the Bonneville Power Administration’s (BPA) Comfort Ready Home program.
To participate, contractors must be enrolled in the Comfort Ready Home Residential Contractor Network and join the Greener Water Heater promotion. The heat pump water heaters must be listed on the BPA Qualified Products List and be installed in a single-family or manufactured home in a participating utility’s territory in Oregon, Washington, Idaho and Montana. See additional terms and conditions.
Plumbers and contractors can earn an additional $500 for every heat pump water heater installed through September 2024.
Heat pump water heaters use significantly less energy compared to standard electric units and according to ENERGY STAR can save families as much as $5,600 over the lifetime of the appliance. By participating in the Greener Water Heater promotion, contractors are providing their customers with the best value in water heating, as heat pump water heaters:
- Deliver more hot water than a standard electric resistance tank when properly sized
- Can be installed with little-to-no additional plumbing work
- Offer a 10-year manufacturer warranty on tank and parts
- Often include smart features like leak detection and Wi-Fi connectivity
Contractors will receive payments for each qualifying installation reported to Comfort Ready Home during the promotion period. They can also access free marketing materials for heat pump water heaters, personalized support from a Comfort Ready Home Field Specialist and on-demand training.
The Greener Water Heater promotion is part of Comfort Ready Home’s mission to help lower energy use in homes across the Northwest by connecting contractors, utilities, and homeowners to energy-efficient solutions.
For more information on the program, visit ComfortReadyHome.com/greener-water-heater-promotion.
Company aims to promote job opportunities in HVAC, Electrical and Plumbing industries as the skilled trade labor shortage continues Trade Jobs, a recruiting platform built specifically for the HVAC, electrical and plumbing industries, launched on November 13th, 2023.The company aims to address the ongoing and increasing employment crisis in the trades. A report by Fox Business stated Read more
Company aims to promote job opportunities in HVAC, Electrical and Plumbing industries as the skilled trade labor shortage continues
Trade Jobs, a recruiting platform built specifically for the HVAC, electrical and plumbing industries, launched on November 13th, 2023.The company aims to address the ongoing and increasing employment crisis in the trades.
A report by Fox Business stated that there have been more than 770,000 skilled job postings from nearly 95,000 different employers across the country in 2023. With the older generation of skilled workers retiring, that number will likely continue to increase.
Trade Jobs is addressing the longstanding challenges of costly and inefficient recruitment processes. Today, the company announces a transformative solution to streamline hiring and connect employers with pre-qualified candidates at a fraction of the cost of traditional methods.
“The employment crisis in the trades has been well-documented as the older generation continues to enter retirement,” said Jeff Bond, president of Trade Jobs. “Contractors are always looking for professional, skilled workers to fill those vacancies, but it can be difficult.”
Built for and crafted by trade professionals, Trade Jobs was developed to help contractors in the HVAC, Electrical and Plumbing spaces recruit qualified candidates. The platform helps reduce the need to sift through hundreds of resumes from unqualified candidates by connecting employers with job seekers who meet their specific job requirements.
Now through December 31st, 2023, Trade Jobs will offer exclusive, discounted charter membership pricing for employers seeking to hire within the HVAC, Electrical or Plumbing industries. The site is free to job seekers.
Start posting jobs and connecting with qualified candidates today by going to https://gettradejobs.com.