Total construction spending edged up 0.1 percent in December and rose by a modest 4.8 percent for all of 2013, as a robust market for apartments and single-family houses outweighed downturns in private nonresidential and public projects, according to an analysis of new Census Bureau data by AGC of America. Association officials added that swift Congressional action on vital highway and water infrastructure measures would give a needed boost to public-sector demand.
“Residential construction ended on a strong note in 2013 and should remain positive for at least the next several months,” said Ken Simonson, the association's chief economist. “Meanwhile, private nonresidential spending appears to be poised for a rebound, but the short-term outlook for public construction is still negative.”
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