Rapidly rising hourly earnings enabled the construction industry to add 36,000 employees in May, but a record number of job openings going into the month suggests contractors want to hire even more workers, according to an analysis by the Associated General Contractors of America of new government data.
The Dodge Momentum Index (DMI) jumped 7% in May to 176.2 (2000=100), up from the revised April reading of 165.2. In May, the institutional component of the Momentum Index rose 9%, and the commercial component increased 6%.
The single-family housing market continued to show signs of slowing in April as rising mortgage rates and ongoing supply chain disruptions continue to raise housing costs and take a toll on the housing market.
By day, Kyle Hedin is the owner of Illustrious Hardwoods in Mesa, Arizona, and by night, he is host of the Floor Academy Podcast. No matter the topic(s) of the week, the underlying message remains the same: you are worth it—worth the time, effort and energy it takes to strengthen yourself, your craft, your business and your pockets.