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Construction Spending Soars in April as Multifamily and Nonresidential Outweigh Single-Family Homes
Construction officials caution that growing demand for many types of projects will strain already tight labor conditions, urge federal officials to boost construction education funding, reform immigration
Total construction spending in April increased by 1.2 percent from March and 7.2 percent year-over-year as widespread gains in nonresidential and multifamily construction spending offset a continuing plunge in single-family homebuilding, according to an analysis June 1 by the Associated General Contractors of America of new federal data. Association officials welcomed the growth in demand for most types of construction but cautioned that firms will have a tough time finding enough workers amid tight labor conditions.
“[June 1st’s] report shows there has been no letup in most categories of construction despite worries about tighter credit and a possible slowdown in the broader economy,” said Ken Simonson, the association’s chief economist. “The top concern for most contractors is finding qualified workers, not projects to bid on.”