Construction spending climbed in May to the highest level since October 2008, according to an analysis by the Associated General Contractors of America. Association officials cautioned, however, that those spending gains could be at risk unless all levels of government strengthen programs to develop the construction workforce.
“There were solid monthly and year-over-year gains in May for all major construction categories—private nonresidential, residential and public,” said Ken Simonson, the association's chief economist. “The private segments appear poised to maintain growth throughout the year. But contractors increasingly report difficulty in finding workers with the right skills to construct large and complex projects.”
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