According to data released by the United States Census Bureau, construction spending across America has risen 1 percent to $972 billion. This figure includes both private and public spending on new construction. October 2014 was the strongest month in growth since May 2014.
2014 has been a decent rebound year for the construction industry. Specific sub-industries such as home building have been slower in improving. Wages in home building have been really limited. However, October 2014 revealed a 1.8 percent increase on new single-family homes. This indicates that the home building sector may soon catch up with the rest of the industry.
Construction companies report hiring 14,000 new workers a month compared to only approximately 11,000 workers per month in 2013.
Chicago, in particular, experienced a decrease in construction spending from 2013 to 2014 with the year-over-year difference expected to be about 1 percent, or only $2.95 billion spent, on new construction. The slowdown in construction in Chicago seems to be driven by the city’s deliberate moves to spend in a more balanced manner.
The rate of residential construction in cities such as Atlanta, Houston, Dallas and Washington far exceeded the level of new construction investments in Chicago.