Construction Spending Hits Four-Year High in July

Total construction spending hit a four-year high in July as private residential and nonresidential activity increased while public spending declined, according to an analysis of new Census Bureau data by AGC of America. Association officials urged lawmakers in Washington to make infrastructure investment a top federal priority before funding runs out at the end of September. “The patterns seen earlier this year reappeared in July, with strong year-over-year gains in single- and multifamily building, a range of results for private nonresidential categories, and deepening downturns in most public segments,” said Ken Simonson, the association's chief economist. “These trends are likely to hold for the remainder of 2013.” Read the full press release here. News covered by the Columbus Dispatch, Phoenix Business Journal, Kansas City Business Journal and the Construction Index.