Total construction spending in April increased by 1.2 percent from March and 7.2 percent year-over-year as widespread gains in nonresidential and multifamily construction spending offset a continuing plunge in single-family homebuilding, according to an analysis today by the Associated General Contractors of America of new federal data. Association officials welcomed the growth in demand for most types of construction but cautioned that firms will have a tough time finding enough workers amid tight labor conditions.
“Today’s report shows there has been no letup in most categories of construction despite worries about tighter credit and a possible slowdown in the broader economy,” said Ken Simonson, the association’s chief economist. “The top concern for most contractors is finding qualified workers, not projects to bid on.”
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