"Construction spending passed a somber milestone today according to new February 2009 data released today by the Census Bureau. The 0.2 percent decline over last year in private nonresidential construction is the first time monthly spending has declined for two straight months year-over-year since 2003. Unfortunately this decline in construction activity is likely to accelerate for the foreseeable future. While the recently enacted stimulus should lead to needed increases in public construction spending that will be little solace for tens of thousands of construction workers that rely on private construction activity to earn their livelihood. That is why our 33,000 member firms will continue to work with government officials and business leaders to encourage continued investments in needed infrastructure projects, improvements in credit markets and support for new business activity and investments," said Kenneth Simonson, chief economist for the Associated General Contractors of America.
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