Construction spending inched down in February from January levels but increased from a year earlier, according to an analysis by AGC of America. Association officials noted that the latest construction figures were held back by declining demand for single family homes and declining public sector investment levels.
“Private multifamily and nonresidential construction increased on both a monthly and year-over-year basis, while single-family and public construction spending retreated last month but still advanced from year-ago levels,” said Ken Simonson, the association's chief economist. “Similarly mixed results are likely to recur throughout 2015 as the economy continues to grow but potential homebuyers remain hesitant and governments face difficult trade-offs on spending priorities.”
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