Construction Spending Soars In April As Gains In Multifamily And Most Nonresidential Segments Outweigh Slump In Single-family Homebuilding
Thursday, June 1, 2023 | 12:28 EST
Construction Officials Caution that Growing Demand for Many Types of Projects Will Strain Already Tight Labor Conditions, Urge Federal Officials to Boost Construction Education Funding, Reform Immigration
Total construction spending in April increased by 1.2 percent from March and 7.2 percent year-over-year as widespread gains in nonresidential and multifamily construction spending offset a continuing plunge in single-family homebuilding, according to an analysis today by the Associated General Contractors of America of new federal data. Association officials welcomed the growth in demand for most types of construction but cautioned that firms will have a tough time finding enough workers amid tight labor conditions.