Construction Spending in June Grows at Fastest Rate Since 2006 as all Major Segments Post Year-Over-Year Gains; Worker Shortages May Derail Growth

Association officials cautioned, however, that those spending gains could be at risk unless all levels of government strengthen programs to develop the construction workforce.“Spending rose strongly in June from a year ago for all major construction categories—private nonresidential, residential and public,” said Ken Simonson, the association's chief economist.“Although the initial estimate for June showed minimal growth from May, totals for May and April were revised upward by large amounts.” “Several of the private categories have risen especially fast,” Simonson said. “Whether they can keep growing depends in part on companies being able to find enough skilled workers, a problem many contractors are already facing.”Read full press release here.Construction spending in June recorded the highest year-over-year growth rate since 2006, 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.“Spending rose strongly in June from a year ago for all major construction categories—private nonresidential, residential and public,” said Ken Simonson, the association's chief economist.

“Although the initial estimate for June showed minimal growth from May, totals for May and April were revised upward by large amounts.” “Several of the private categories have risen especially fast,” Simonson said. “Whether they can keep growing depends in part on companies being able to find enough skilled workers, a problem many contractors are already facing.”

Read full press release here.