Construction Spending Drops in November as Monthly Public-Sector and Private Nonresidential Declines Offset Private Residential Uptick

Construction spending edged down in November but outlays for the year remained on track for a modest increase over 2013 totals, according to an analysis by AGC.  Association officials said the new spending figures come as the group’s members prepare a new push for action on a series of federal infrastructure programs, including funding for highway and transit upgrades and to maintain clean water systems across the country. "Today's figures continue the seesaw pattern that has characterized residential, private nonresidential and public construction throughout 2014," said Ken Simonson, the association's chief economist. "Overall construction spending dipped in November from an upwardly revised October total as residential building advanced but private and public nonresidential spending both retreated.” Read full press release here.