Construction spending increased for the third straight month in October as private activity strengthened while public spending shrank, AGC reported today in an analysis of new Census Bureau data. AGC officials cautioned that further declines in public sector activity may soon swamp gains in homebuilding and private nonresidential investment.
“The apparent stability in construction spending data is masking conflicting trends,” said AGC’s chief economist, Ken Simonson. “On one hand, private investments in construction are slowly accelerating, while public sector investments are declining at an even faster rate.”
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