Latest news
In a speech on Friday, Federal Reserve Chairman Kevin Walsh pledged to bring inflation down to the 2% target and noted that current financial conditions are not restrictive, hinting that future rate hikes may be needed. Market expectations for a September rate hike have risen sharply, but EY Chief Economist Gregory Daco believes traders are overreacting and expects the Fed to keep rates unchanged for the rest of the year.
Gen Z employees in the construction industry, having grown up with digital devices, are adept at using technology. Through reverse mentoring, they are helping senior colleagues master field applications like Procore and Bluebeam, while also gaining valuable construction experience from their predecessors. This two-way learning model helps mitigate industry knowledge loss and promotes technology adoption.
Fluor confirmed to Construction Dive that construction of Novelis's $5 billion aluminum recycling plant in Bay Minette, Alabama, is nearing completion. According to Alabama's WARN database, Fluor laid off 66 workers at the site on July 31. Novelis stated that construction remains on schedule to be completed later this year, with commissioning expected to begin by the end of 2026.
Gen Z professionals shared their views on construction at Construction Dive's online event: they see career advancement opportunities and professional fulfillment in the industry, while questioning traditional work models and emphasizing work-life balance. As senior leaders retire, construction faces a generational transition, making attracting and retaining young talent key.
This week's key construction industry news includes: Maryland launches bidding for the Key Bridge demolition, with estimated costs between $50 million and $100 million; Turner Construction's subsidiary Dornan breaks ground on a data center project in Ireland; Zachry Construction secures a contract at San Antonio Airport.
SpaceX plans to invest $100 billion to build its largest spaceport on Pecan Island, Louisiana, for launching reusable Starship spacecraft. The project will include five launch complexes, propellant production facilities, and employee housing, and is expected to create 3,000 direct jobs and 8,100 indirect jobs. Construction is expected to begin in 2027, with a target first flight in 2029.
The Texas Transportation Commission has approved the Texas Department of Transportation's 2027 Unified Transportation Plan, which invests $138 billion over the next decade in road and other infrastructure repairs. The funding pool includes $95 billion in projected existing state and federal revenues, and $43 billion for development and routine maintenance. Governor Greg Abbott stated in Thursday's announcement that this investment will strengthen roads, reduce congestion, enhance safety, and support community development.
The U.S. core PCE price index rose 0.2% month-over-month and 3.3% year-over-year in July, with inflation holding steady. Fed officials are divided on whether to raise rates, but market expectations for holding rates steady in September have increased. Consumer confidence has declined for two consecutive months, personal consumption spending growth has slowed, and the cooling economy supports the central bank's wait-and-see stance.
The San Antonio Spurs announced that Mortenson and Bartlett Cocke General Contractors will jointly manage the construction of their planned downtown arena. The total project cost is $1.3 billion, with funding sources including $311 million from Bexar County, $489 million from the City of San Antonio, and the remainder covered by the team.
The latest survey by the Associated Builders and Contractors (ABC) shows that the vast majority of American contractors using drones rely on products from Chinese manufacturer DJI, but recent U.S. tariffs on Chinese drones may pose challenges to the industry.