Construction spending inched lower in October from September levels but increased from the October 2017 total, according to an analysis of new Census data by the Associated General Contractors of America. However, investment in public infrastructure posted declines from recent peaks, and association officials urged the White House and Congress to act promptly on comprehensive infrastructure legislation.
“Although most segments of construction continue to post year-over-year spending gains, investment in vitally needed infrastructure has stalled or shrunk in the past four months,” said Ken Simonson, the association’s chief economist. “If infrastructure contractors start losing employees to more-active construction segments, it may be hard to get infrastructure projects done on time once funding resumes.”
Read full news release here.