Total construction spending increased in November compared to levels in October and a year earlier, as gains in private residential and nonresidential projects outweighed decreases in public outlays, according to a new analysis of federal construction spending data the Associated General Contractors of America released today. Officials noted that public sector investments were down in part because Congress has failed to provide funding so far for the Bipartisan Infrastructure bill enacted last year.
“Private nonresidential spending appears to be on a solid upswing, with five consecutive months of growth, but public outlays for construction remain erratic,” said Ken Simonson, the association’s chief economist. “The public side isn’t likely to post steady gains until funds from the new infrastructure law become available and turn into actual projects.”
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