Construction Spending Slips 0.4 Percent In December, Yet Record-high December Job Openings Suggest Contractors Remain Bullish In 2023
Total construction spending decreased by 0.4 percent in December, yet industry job openings at the end of the month set a new high for December, according to an assessment the Associated General Contractors of America conducted today of two new federal data sets. Association officials said the jobs data signals that the slowdown in construction spending may have been more about changes in weather than demand.
“The record number of job openings in construction compared to previous Decembers suggests contractors are bullish about their backlogs despite a dip in spending in December,” said Ken Simonson, the association’s chief economist. “Some of the downturn may be due to unusually bad weather rather than a shrinking market.”
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