Construction Spending Inches Higher in May for Third Straight Month

Total construction spending edged higher for the third straight month in May, as solid increases in private nonresidential and public construction outweighed a downturn in residential projects, according to an analysis of new Census Bureau data by AGC of America. Association officials cautioned that the pickup in highway spending is in jeopardy of reversing sharply unless policy makers act urgently to shore up the federal Highway Trust Fund. “The May figures show that construction activity continues to expand, but with lots of variability by month and project type,” said Ken Simonson, the association's chief economist. “These uneven patterns seem likely to continue for the rest of the year.” Read the full release here.