Contractors are staying busy with infrastructure work as federal money continues to roll out. However, worker shortages and high inflation continue to strain the sector, and spending on transit and fossil fuel projects slumped in the past year.
According to the U.S. Census Bureau, total construction spending was up 14% from December 2022 to December 2023 in (non inflation-adjusted) dollars, with nonresidential spending rising 20%, driven by manufacturing work as well as infrastructure segments like roads and waste.
