Construction spending increased 0.7 percent from January to February, even as contractors kept hiring and job opening rates at low levels, according to an analysis by the Associated General Contractors of America of two new government reports. Association officials noted that industry hiring appears to be slowing as demand for most types of construction “cools.”
“Construction spending rebounded in February, following widespread severe weather that may have slowed projects in January,” said, Ken Simonson, chief economist of the Associated General Contractors of America. “Investment remains positive compared to a year ago but the growth rate for all major categories has cooled, while contractors have trimmed hiring and slashed job openings.”
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