Total construction spending up 0.7 percent in October
Total construction spending increased by 0.7 percent in October, driven largely by growing demand for power projects and public construction, the Associated General Contractors of America noted today [Dec. 1] in an analysis of new Census Bureau data. The new data, however, indicated continued weakness in many construction categories, including private nonresidential and single family construction, association officials observed.
“Without any upward trend in key private-sector construction components like homes and office buildings, it is hard to feel optimistic about the near future,” said Ken Simonson, the association’s chief economist. “With public construction at risk of cutbacks, it is premature to conclude that construction has awakened from its long nightmare,” according to a Dec. 1 AGC of America report.