Steel Products
Construction Spending Up in August: AGC
Written by Becca Moczygemba
October 3, 2023
Construction spending in the US increased in August, according to the Associated General Contractors of America (AGC).
Total construction spending increased by 0.5% month over month (MoM) in August, AGC said. Money spent on construction in that month, not adjusted for inflation, totaled $1.983 trillion at a seasonally adjusted annual rate.
The increase was primarily driven by increases in many large nonresidential construction segments and residential projects, AGC said.
Spending on private residential construction was up by 0.6% MoM, while private nonresidential increased by 0.3%. Single-family homes contributed 1.7% of the growth. Public construction dollars increased by 0.6%, according to AGC.
Despite the uptick in demand, AGC said there is still an issue finding enough qualified workers.
“For now, all types of construction are growing,” Ken Simonson, chief economist for the AGC, said in a statement. “But unless the supply of qualified workers increases, many projects are likely to be delayed.”
Stephen E. Sandherr, AGC’s CEO, said the association is seeing strong and growing investments in construction from both public and private sectors.
“But without new investments in construction education and training, as well as programs to allow skilled construction workers into the country, those projects are going to take longer and cost more to get built,” he said.
Join us for an SMU Community Chat on Wednesday, Oct. 4, to hear more from the association’s chief economist Ken Simonson. Click here to register.
Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Products
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.
Beige Book: US markets remain cautious amidst volatile pricing environment
Sluggish economic activity across the US was largely attributed to uncertainty caused by tariff policies and growing cost pressures, according to the US Federal Reserve’s (The Fed) latest Beige Book report. The Fed’s latest economic report, posted on Sept. 3, consists of economic findings from the six weeks preceding Aug. 25 throughout 12 districts. Economic […]