Total construction spending increased between October and November and for the year amid growing private-sector demand, according to an analysis of new Census Bureau data by AGC of America. Association officials noted, however, that the spending levels were held back by declining public sector investments for both the month and the year.
“The nonresidential construction spending figures are even more positive than they appear, with most categories now positive year-over year,” said Ken Simonson, the association's chief economist. “The outlook appears favorable for many types of private nonresidential and multifamily construction, but remains flat or negative for public spending.”
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