Construction spending in August reached a seven-year high and climbed at the fastest rate since 2006, according to an analysis by the Associated General Contractors of America. Association officials noted that growing demand for construction was likely to add to the challenges many firms are having finding qualified workers.
“There were widespread monthly and year-over-year gains in August for all major construction categories—private nonresidential, residential and public,” said Ken Simonson, the association's chief economist. “Activity in all three categories has been accelerating recently and should continue rising into 2016—if contractors can find enough workers with the right skills to complete the projects underway and currently being designed or financed.” Read full press release here.