Construction Spending Falls Again, AGC Urgently Calls for Infrastructure Investment

Spending on nonresidential construction activity tumbled 1.5 percent in October, seasonally adjusted, to the lowest annual rate since July 2007, according to AGC's analysis of Census Bureau data. The data showed that nonresidential construction spending slumped to $652 billion, an 11 percent decline compared to October 2008. AGC called for quicker action on stimulus funding and the stalled highway funding bill.  Read the press release here. The news was covered by the California Real Estate Journal and Daily Commercial News. AGC's chief economist explained the plight of many construction firms, including highway contractors awaiting action on the highway bill, on NPR and in the St. Louis Post Dispatch. For more information, contact Brian Turmail at (703) 837-5310 or turmailb@agc.org.