Construction Spending Increases For Third Straight Month in October
Construction spending increased for the third straight month in October as private activity strengthened while public spending shrank, the Associated General Contractors of America reported in a recent analysis of new Census Bureau data. Association officials cautioned that further declines in public-sector activity may soon swamp gains in home building and private nonresidential investment.
“The apparent stability in construction spending data is masking conflicting trends,” said the association’s chief economist, Ken Simonson. “On one hand, private investments in construction are slowly accelerating, while public-sector investments are declining at an even faster rate.”