Construction Spending Dips Amid Worker Shortage, Means Some Areas May Have More Flatbed, Open-Deck Capacity.
Construction Spending Trends
Overall Dip: March saw a 0.2% decrease in total construction spending, with private nonresidential and residential projects declining, despite public construction’s rebound.
Contractor Insights: Contractors report robust backlogs and few cancellations, hinting that the spending slowdown might be due to a worker shortage rather than a drop in demand.
Sector Analysis: Private nonresidential categories varied; multifamily construction slipped from 2023’s peak. Public construction, however, showed healthy gains both monthly and year-over-year.
Industry Response: The industry calls for increased funding for construction education and training and common-sense immigration reforms to address the labor shortage and support economic growth.
This article encapsulates the current state of construction spending, highlighting the challenges and proposed solutions to sustain the industry’s progress.
