Construction Spending Rises for Seventh Straight Month to 37-Month High in October

All major segments of construction spending increased in October, bringing total spending to a 37-month high at an annualized rate of $872 billion, according to an analysis of new federal data released today by the Associated General Contractors of America. Association officials warned, however, that the fiscal cliff imperils future improvement in both public and private spending. "Widespread gains in spending in October, along with hefty upward revisions to estimates for the previous two months, show that construction has finally come out of its long slump," said Ken Simonson, the association's chief economist. "Although all major spending categories are far below pre-recession highs, they are well above their recent low points." Read the full press release here. The news was covered by the San Diego Union Tribune, Orange County Register, Sacramento Business Journal, Boston Business Journal, Dayton Business Journal, Investors Business Daily, Industrial Supply Magazine and Insurance Journal.