The Blog

What could a highly skilled financial advisor have in common with Columbo, the iconic 1970’s TV detective who wasn’t exactly known for his financial acumen? If the financial advisor is Pat DiCerbo of Northwestern Mutual, the answer is more than you would think.

WASHINGTON, Oct. 11—Construction input prices increased 0.2% in September compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data. Nonresidential construction input prices increased 0.2% for the month as well.

WASHINGTON, Oct. 2—National nonresidential construction spending increased 0.4% in August, according to an Associated Builders and Contractors analysis of data from the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.09 trillion.

October is Careers in Construction Month, and this year’s theme is “Building Construction Career Dreams.” At a time when ABC estimates that 546,000 additional people will be needed to meet national construction demand, the issue has never been more important.

ABC MA’s Building our Future Scholarship awarded scholarships to six students this academic year who are pursuing a post-secondary construction education, including three scholarships awarded to students enrolled in a trade apprenticeship program with ABC’s Gould Construction Institute and two pursuing construction management degrees at Wentworth Institute of Technology.

On Sept. 7, the Federal Acquisition Regulatory Council’s final rule on the Use of Project Labor Agreements for Federal Construction Projects, which would mandate anti-competitive and inflationary project labor agreements on large-scale federal construction contracts, arrived at the Office of Management and Budget’s Office of Information and Regulatory Affairs for review. This is the final step before the rule will be published in the Federal Register and take effect.

On Aug. 25, 2023, the National Labor Relations Board issued its decision in Cemex Construction Materials Pacific, LLC, which imposes a new framework that greatly expands the Board’s ability to impose unions on employees without a secret ballot election. The Board’s decision overrules precedent that has stood for over half a century.

Despite being litigated for years, the Biden administration’s National Labor Relations Board has revived controversial policy from the Obama era in the form of its Representation-Case Procedures final rule. The direct final rule, issued without notice and the opportunity to comment, essentially restores provisions of the “ambush” election rule of 2014 and rescinds the remaining ABC-supported provisions of the 2019 final rule. The rule will apply to representation petitions filed on or after Dec. 26, 2023, and employers will have less time to respond to representation petitions.

National nonresidential construction spending grew 0.1% in July, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.08 trillion and is up 16.5% year over year.

We all know that construction is a great industry that offers lucrative careers without the need for a four-year college degree – and the massive debt that so often accompanies it. There are few among us who regret our career choice.