Total construction spending increased 0.5% to $1.98 trillion in August, according to the U.S. Census Bureau. Compared with August 2022, construction spending was up 7.4%.
“For now, all types of construction are growing,” stated Ken Simonson, chief economist for the Associated General Contractors of America. “But unless the supply of qualified workers increases, many projects are likely to be delayed.”
Private residential construction spending was up 0.6% from July, and private nonresidential construction spending increased 0.3%.
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