Construction spending inched up less than 0.1 percent in July from June but slipped from year-ago levels, as a weak single-family homebuilding market and declines in some private nonresidential segments masked gains in public and multifamily construction, according to an analysis by the Associated General Contractors of America of new federal spending data. Association officials said a new survey they released showed contractors remain eager to hire employees but are having difficulty finding qualified craft workers.
"Overall spending totals have been fluctuating for more than two years, with divergent patterns for residential, private nonresidential and public construction," said Ken Simonson, the association's chief economist. "Although year-to-date construction spending in the first seven months of 2019 combined was less than in the same period last year, most nonresidential and multifamily contractors remain busy and optimistic about future work."