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Construction Spending Rises 0.4 Percent in September with Record-High Job Openings
Both residential and nonresidential spending post monthly increases, while sharp decline in hiring suggests further growth in spending may be difficult unless industry can attract more workers
Total construction spending increased by 0.4 percent in September, yet a record-high number of job openings suggests the industry would be completing even more projects if it could hire enough workers, according to an analysis of federal spending data the Associated General Contractors of America released Nov. 1. Association officials cautioned that efforts in Congress to limit the construction industry’s access to potential workers could undermine future infrastructure and economic development projects.
“It is encouraging that most categories of construction, including homebuilding, are growing,” said Ken Simonson, the association’s chief economist. “But the numbers would be even more impressive if the industry didn’t have so many unfilled job openings.”