Construction spending in October reached the highest level in nearly eight years with growth in all major categories, according to an analysis by the Associated General Contractors of America. Association officials cautioned however that demand for construction appears to be growing at a faster rate than the supply of qualified workers available to fill positions at firms.
“The October data were positive across the board, with robust growth for the month and year in residential, private nonresidential and public construction,” said Ken Simonson, the association's chief economist. “The pause that had appeared in private and public nonresidential spending for several months seems to have ended.”
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