Construction Employment, Spending Increase Year-on-Year
Construction employment expanded in 220 metro areas, declined in 73 and was stagnant in 46 between August 2013 and August 2014, according to a new analysis of federal employment data released today by the Associated General Contractors of America. Association officials added that construction spending climbed to $961 billion from $915.3 billion between August 2013 and August 2014, a 5 percent increase, according to federal data also released today.
"Even as construction employment continues to rebound in many parts of the country, other areas continue to lose ground, or like Phoenix, backslide," said Ken Simonson, the association's chief economist. "Similarly, while construction spending has been increasing overall in the past year, the gains remain uneven. The industry appears likely to experience very mixed results by segment and region for the rest of 2014 and into next year."
Though construction spending is up for the year, it declined 0.8 between July and August, from $968.8 billion to $961 billion. Both private and public construction spending declined for the month, 0.8 percent and 0.9 percent respectively. The month-to-month private sector declines occurred in both residential (0.1 percent down) and nonresidential construction (1.4 percent down). Spending on public education facilities dropped 2.9 percent for the month while investments in highway construction also dropped by 0.6 percent for the month.
Click here for the full press release and a link to state constructoin employment numbers.
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