Construction Spending Edges Higher in March as Housing and Private Nonresidential Categories Rise

Total construction spending remained in a holding pattern in March as strong gains in apartment construction and modest growth in homebuilding and private nonresidential activity offset falling public outlays, according to an analysis of new Census Bureau data by AGC of America. Association officials noted that the construction spending figures may get dramatically worse unless public officials act urgently to maintain federal highway funding. “Overall construction spending has increased from a year ago but has stayed in a narrow range since December,” said Ken Simonson, the association's chief economist. “It is encouraging that spending remained level despite severe winter weather that may have delayed some projects, and the totals are likely to grow moving into spring.” Read the full press release here.