Construction Spending at 7-Year High
An Associated General Contractors of America (AGC) analysis shows construction spending in August reached a seven-year high and climbed at the fastest rate since 2006. Manufacturing, lodging and apartment spending remained strong; office, health care, highway and school segments rebounded, their analysis showed.
You can find the AGC's news release here. “There were widespread monthly and year-over-year gains in August for all major construction categories—private nonresidential, residential and public,” said Ken Simonson, the association's chief economist.
August totaled $1.086 trillion in construction spending (seasonally adjusted). That's 0.7 percent higher than the July total and 13.7 percent higher than August 2014, Simonson said. That's the highest total since May 2008 with year-over-year growth rate the strongest since March 2006.
Association officials continue to emphasize the lack of qualified workers for available job positions - shortages that are likely to become more severe as construction demand grows.
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