Total construction spending decreased by 0.3 percent for the month of October with downturns in homebuilding and most major nonresidential categories, according to an analysis the Associated General Contractors of America released today of federal spending data. Association officials noted contractors are struggling to complete projects as the number of open positions at the end of October topped hires in the month.
“Most nonresidential contractors report full order books but are having trouble hiring enough workers to keep projects on schedule,” said Ken Simonson, the association’s chief economist. “Rising interest rates and costs for materials are likely to choke off some projects but there will be plenty of infrastructure, manufacturing plants and renewable energy projects next year—if contractors can find enough workers to build them.”
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