Economics

Construction employment was unchanged from May to June, but an increase in hourly pay and longer workweeks, along with shrinking numbers of unemployed construction workers, suggest contractors would hire more workers if they were available, according to an analysis by the Associated General Contractors of America.  Association officials said the lack of available qualified workers for firms to hire appears to be holding back employment growth and urged Congress to pass legislation to reform and increase funding for career and technical education.

Construction spending increased by 8 percent in March compared to a year earlier and was also up slightly between February and March amid growing demand for many types of construction, as the spending total hit the highest level since October 2007, according to an analysis by the Associated General Contractors of America. Association officials said the growth comes amid strong private-sector demand and new federal investments in surface transportation programs.

Construction employment rose sharply in March by 37,000 for the month and 301,000 for the year, while construction spending in February logged a solid year-over-year increase despite a dip compared with January, according to an analysis by the Associated General Contractors of America. Association officials said the new jobs and spending indicate that the industry is steadily expanding to meet growing demand.

Construction spending inched up in December from a month earlier and increased solidly over the year but the major components showed divergent trends, according to an analysis by the Associated General Contractors of America. Association officials cautioned that slowdown in spending in a number of key, private nonresidential categories could reflect broader financial uncertainty and undermine the sector's recovery.