Construction Spending Inches Higher in February as Private Nonresidential Categories Accelerate

Total construction spending in February edged up from January despite adverse weather in much of the nation, as private residential and nonresidential components posted solid growth compared with early 2013, according to an analysis of new Census Bureau data by AGC of America. Association officials noted that the construction spending figures would have been stronger if not for declines in public sector construction and infrastructure investments. “Overall construction spending in the first two months of 2014 is nearly 9 percent higher than in the same period of 2013 even though public spending has continued to slip,” said Ken Simonson, the association's chief economist. “Several private nonresidential categories have rebounded impressively, while both home and apartment construction remain far ahead of year-ago levels.” Read the full press release here.