Nonresidential construction drops in Q3
The Nonresidential Construction Index (NRCI) dropped from 58.6 to 52.4, which is the first slide in more than a year.
FMI announced the release of its Nonresidental Construction Index (NRCI) for the third quarter of 2011. The NRCI slipped from 58.6 to 52.4 for the third quarter. The report, however, was compiled before the recent stock market slide in August 2011, which has already sparked fears of another recession. It is the first time the index has gone down since the third quarter of 2010 when the reading dropped from 54.5 to 51.3.
In the report’s summary, almost all indicators, including the overall economy, cost of labor, and the nonresidential building construction market were down. No change, however, was indicated in productivity in the third quarter report, which was one of the few positive indicators.
Panelists for the report believe a slow recovery is still possible in spite of cutbacks for government spending for infrastructure. However, continued growth will be difficult if the housing market does not improve because housing growth is what drives construction for schools and other commercial buildings. If the market does not improve, the downturn will likely continue.
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Annual Salary Survey
In a year when manufacturing continued to lead the economic rebound, it makes sense that plant manager bonuses rebounded. Plant Engineering’s annual Salary Survey shows both wages and bonuses rose in 2012 after a retreat the year before.
Average salary across all job titles for plant floor management rose 3.5% to $95,446, and bonus compensation jumped to $15,162, a 4.2% increase from the 2010 level and double the 2011 total, which showed a sharp drop in bonus.