Construction spending rises 0.4 percent in November for third straight monthly gain
Construction spending increased by 0.4 percent in November, the third straight rise in the monthly total, the Associated General Contractors of America noted today [Jan. 3] in an analysis of new Census Bureau data. Private residential and public construction each gained 0.7 percent compared with October’s totals, while private nonresidential construction edged down 0.1 percent.
“It is heartening to see three increases in a row for the total,” said Ken Simonson, the association’s chief economist. “But most categories showed more of a seesaw pattern over the past three months, indicating that construction spending remains fragile at best," according to a Jan. 3 AGC of America report.