Industry's Jobless Rate Declines
Construction's jobless rate improved in May as the industry added 17,000 jobs. The U.S. Bureau of Labor Statistics reported on June 5 that May unemployment fell to 6.7%, from April's 7.5% and from 8.6% in May 2014. Last month's rate was the lowest May figure since 2006, when it was 6.6%. Specialty trade contractors led the May jobs gains, adding 12,300.
No Balfour Beatty Comment on Reported Chinese Buy Offer
Balfour Beatty declined to comment on a June 7 I.K. media report that China Civil Engineering Construction Corp. is pondering a possible $3-billion buyout bid. Observers note the lack of detail but don't rule out such a bid, which comes as the U.K. firm aims to recover from a period of multiple profit warnings. New CEO Leo Quinn last month noted progress on a transformation program begun in February. Separately, China Harbour Engineering Co. is preferred bidder on $460 million of marine work on the world's first tidal-lagoon power plant in Wales.
Toronto Picks Preferred P3 Team
Ontario has selected SNC Lavalin, ACS Infrastructure Canada, Dragrados, Aecon, Stantec, EllisDon and IBI Group as preferred team for Toronto's Eglinton Crosstown light-rail line, a public-private partnership project valued at $2.4 to $3.25 billion, members confirmed on June 9. It will handle line design, build, finance and maintenance. Deal close is set for summer and building start in early 2016.