Total construction spending increased by 0.7 percent in October, driven largely by growing demand for power projects and public construction, AGC noted Wednesday 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 AGC’s chief economist. “With public construction at risk of cutbacks, it is premature to conclude that construction has awakened from its long nightmare.”
Read the press release here.
The news was covered by the Associated Press, International Construction, Bellingham Herald, U.S. Glass News Network, Vermont Biz and Power Gen Worldwide.