Construction Spending Reached Seven-Year High in August
Arlington, VA, October 2,
2015—Construction spending in August reached $1.086 trillion, a seven-year high,
and climbed at the fastest rate since 2006, according to an analysis by the
Associated General Contractors of America.
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.
Construction spending in
August was 0.7% higher than the July total and 13.7% higher than in August 2014.
The total was the highest
since May 2008 and the year-over-year growth rate was the strongest since March
2006, indicating a faster pace of construction spending overall.
There was strong growth in
manufacturing, lodging and apartment construction all year, and more recently,
office, health care, highway and educational structures have rebounded as well.
Association officials note
that, according to a survey the group released in September, 86% of firms
reported they are having a hard time finding qualified workers to fill