Strong Monthly and Year-Over-Year Advances for Construction

An analysis by the Associated General Contractors of America says spending figures indicate a robust demand for construction. Spending reached an all-time high in January pushing totals to the highest level since October 2008. Check out our summary of the report below.

• Gains in apartment, nonresidential and highway construction possibly linked to favorable weather
• January construction spending totaled $1.41 trillion
• Large year-over-year gains in single and multi-family residential construction
• Private nonresidential construction up 1% for the month and 11.5% from the previous year
• Manufacturing construction rose 4.2% for the month and 11% within the year
• Public construction spending increased 4.5% from the previous month and 13% from 2015
• Highway and street construction was up 15% for the month and 34% for the year
• Construction workforce shortages continue to increase, highlighting the need to increase training and prepare new workers