Construction spending at seven-year high; worker shortage limits gains
By Kent Hoover
Tampa Bay Business Journal
Published: Nov 2, 2015

Construction spending hit $1.1 trillion in September, its highest level since March 2008.

That's according to an analysis by Associated General Contractors of America, which pointed out the number would have been even higher if it weren't for a shortage of construction workers.

"Overall, demand for construction continues to grow at a very robust rate,” said AGC Chief Economist Ken Simonson. "It appears, however, that many firms performing private nonresidential work could not find enough qualified workers in September to keep pace with growing demand.”

There were only 479,000 unemployed construction workers in September, the smallest total for that month in 15 years, Simonson noted.

A recent AGC survey found that 86 percent of construction firms say they're having a hard time finding qualified workers to fill vacant positions.

Private residential construction spending was up 17 percent compared with a year ago, powered by a boom in multifamily projects. Spending on public projects was up 9.4 percent. Private nonresidential construction spending was up nearly 15 percent compared with a year ago, but it slipped 0.7 percent compared with August.