Most major construction spending categories increased from July to August but activity was mixed compared to spending levels a year earlier, according to an analysis of new government data by the Associated General Contractors of America. Association officials noted that big drops in public investments mean infrastructure will continue to deteriorate and impede economic growth.
“It is encouraging that spending rebounded in August for many types of residential, private nonresidential and public projects,” said Ken Simonson, the association's chief economist. “However, the August numbers also show that public and private nonresidential construction are continuing to slow or fall below last year’s levels. Spending patterns are likely to be uneven through next year, as previously hot categories cool off but others revive.”
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