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 MoczygembaRead more from Becca Moczygemba
Latest in Steel Products
Rig count: US, Canada counts edge up as weather cools down
Active rotary rigs in the US and Canada are up for the second consecutive week, according to Baker Hughes.
Heating and cooling equipment shipments fall with season change in October
October saw domestic heating and cooling equipment shipments drop for a second consecutive month, according to the latest data released from the Air Conditioning, Heating, and Refrigeration Institute (AHRI).
CRU: More aluminum producers prioritize decarbonization: Industry shift towards sustainability
The LME Aluminum 3-month price is moving up again on the morning of Dec. 8 and was last seen trading at $2,157 per metric ton. The way the price increased first thing in the morning suggests a support may have finally been found, but resistance could hit quickly at $2,200 /metric ton. SHFE cash was […]
SMU survey: Direction of mill lead times mixed on holiday season lull
Movements in lead times were mixed in SMU’s check of the market this week – a reflection of the seasonal dip in ordering that is typically seen during the winter holiday season.
Steel shipments bounce back in October
American steel mills sent out more tons of steel in October than the previous month, according to the latest monthly data from the American Iron and Steel Institute (AISI). Domestic mills shipped 7,346,373 net tons in October, up 1.3% from the 7,252,942 tons sent out in September. Shipments were also up 1.9% compared to the […]