Tax

Construction costs accelerated again in June, with steep increases for a wide range of building and road construction materials as tariffs against foreign goods come into effect, according to an analysis by the Associated General Contractors of America of new Labor Department data. Association officials say that contractors will have to assume much of the costs as tariffs increase the costs of many key construction materials.

Construction spending reached a record level of $1.309 trillion in May as monthly increases in residential and public investment outweighed a decline in private nonresidential outlays, according to an analysis of new government data by the Associated General Contractors of America. Association officials warned, however, that continued labor shortages and rising materials costs threaten future growth in demand.

Thirty-eight states and the District of Columbia added construction jobs between March 2017 and March 2018, while 29 states added construction jobs between February and March, according to an analysis by the Associated General Contractors of America of Labor Department data released today.  Association officials said the job gains are coming amid strong private-sector demand and new public-sector investments in school and airport construction.

Thirty-five states and the District of Columbia added construction jobs between January 2017 and January 2018, while 32 states and D.C. added construction jobs between December and January, according to an analysis by the Associated General Contractors of America of Labor Department data released today.  Association officials cautioned, however, that newly-imposed tariffs on steel and aluminum products are likely to undermine future job growth in the sector.