NEWS FLASH: JULY 22, 2022

Gov. Phil Murphy Signs Record $50.6B Budget

You’ll see more school construction projects advancing in the next 12 – 18 months now that Gov. Murphy signed the biggest budget in state history, a $50.6 billion spending plan. Nearly $2 billion is earmarked for the Schools Development Authority (SDA) for school facilities projects, new construction, renovations, emergent needs, and capital maintenance including more than $1.5 billion for SDA Districts and $350 million for other districts.

For more information on the FY 2023 budget: Governor Murphy Signs Fiscal Year 2023 Appropriations Act into Law

NJ Warehouse Market Still Red-Hot Despite Economic Headwinds

As the debate rages over warehouses’ unprecedented expansion in the state, demand for warehousing throughout New Jersey continues to exceed supply, pushing rents up and vacancies down, and driving growth to record highs in the state’s northern and central regions. Read more here.

Designers Must Grapple with Rising Material Prices

For architects and engineers working today, supply chain woes have the profession reevaluating how to design and build structures and, sometimes, whether it’s even worth moving forward.

Joshua Zinder, immediate past president of the New Jersey Chapter of the American Institute of Architects, said that more and more often, projects are reaching a place of limbo. They’re not officially on hold, he said, but they’re also not advancing. Material whirled: As they design projects, architect and engineers must grapple with rising prices destroying once-common cost clarity  

Dodge Data & Analytics

Total Construction Starts Slide 5% in June to a seasonally adjusted annual rate of $932.3 billion. Total construction for the first six months of the year is 5% higher than the same period in 2021. The 12 months ending June 2022 were 7% higher than compared to the 12 months ending June 2021. For the 12 months ending June 2022, nonresidential building starts were 17% higher than in the 12 months ending June 2021. Commercial starts grew 13%, institutional starts rose 7%, and manufacturing starts swelled 109% on a 12-month rolling basis.

Dodge Momentum Index Hits 14-Year High With Slight Gain In June with an increase of less than 1% to 173.6, from the revised May reading of 173.1, pushing the measure to the 14-year high. Year to year comparison, the Momentum Index was 9% higher than June 2021. “A new cyclical high in the Momentum Index is a sign that developers feel that projects still have hope of moving forward, despite concerns of an impending economic slowdown.” said Richard Branch, chief economist for Dodge Construction Network. 

Architectural Billings Index

Architecture firms continue to report modest billings growth with an ABI Billings score of 53.2 in June. While this is down from the May score of 53.5, firms are seeing a modest pace of continued billings growth. Business conditions at firms in the Northeast declined slightly in June, following two straight months of showing growth. The value of new Design Contracts decreased to 52.2 in June from 56.9 in May.  

New Jersey's Unemployment Rate Continues Decline

The employment gains in New Jersey continued in June with a total nonfarm wage and salary increase of 9,800 jobs, after an increase in May of 6,700 jobs. The unemployment rate in June remained at 3.9%.

New Jersey has now recovered 717,000 jobs or 98% of those lost in early 2020. The private sector employment in June has now exceeded the pre-pandemic level from February 2020 by 8,600 jobs. 5 out of 9 major private sectors saw employment increase in June 2022, with construction showing a job loss of 2,200, after a loss of 1,300 in May.

INDUSTRY NEWS

CMU Checkoff

For the latest on Priorities, Potential Programs & Funding Priorities, Regional Advisory Committees, and more visit cmucheckoff.com.

BAC APPRENTICE CONTESTS

Congratulations to BAC ADC of New Jersey’s Locals 4 & 5 Apprentices - Connor Clark, Brick and Alec George, Concrete!!!  These fine craftworkers who competed at the Northeast Regional Contest, held at BAC Local 1 PA/DE Training Center on June 24, 2022, won the privilege to compete at the BAC/IMI International Apprentice Contest in Boston, MA at The John B. Hynes Veterans Memorial Convention Center. They will be competing on September 23-24, 2022 for the title of International Champion in their craft alongside Apprentices, who placed in a Regional Contest, from around the U.S. and Canada.

Good luck Connor and Alec!

ICE VOICE

Some Highlights from the June 2022 Issue

- Tentative schedule for the Annual Meeting & Eugene George Awards dinner; September 23-24, 2022 in Boston, MA

- Legislative and Regulatory Update; includes Davis-Bacon and Heat Illness Prevention

- CPWR Working in Hot Weather Resources

- OSHA’S New Challenge from the Safe & Sound Campaign

IMI

IMI Webinars: Earn LU/HSWs

8/2:   Masonry Movement Joints

8/10: Structural Design of Masonry Storm Shelters

9/6:   Tips for Detailing Masonry Assemblies: Lessons Learned from IMI's Drawing Reviews

9/14: Masonry Notes, Details, and Prototypes

Visit IMI's website for more AIA Accredited Programs.

IMI/IMTEF Launches Maternity & Childcare Benefits for Bricklayers Union Craftworkers

The International Masonry Training and Education Foundation (IMTEF) is proud to introduce a paid maternity disability benefit and childcare tuition benefit for pregnant women and new mothers represented by the International Union of Bricklayers and Allied Craftworkers. These programs help make high-paying construction jobs with world-class health and retirement benefits more welcoming to women and all parents.

For additional information about the programs, including access to the Summary Plan Description, FAQs, and more, visit the Dropbox of toolkit materials or direct link to the toolkit PDF.