Construction spending in September reached a new seven-year high and climbed at the fastest rate since early 2006, according to an analysis by the Associated General Contractors of America. However, total spending on nonresidential construction declined by 0.1 percent between August and September as growing workforce shortages likely impacted the amount firms were able to perform for the month.
“Overall demand for construction continues to grow at a very robust rate,” said Ken Simonson, the association's chief economist. “It appears, however, that many firms performing private nonresidential work could not find enough qualified workers in September to keep pace with growing demand.”
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