Total construction spending hit a four-year high in July as private residential and nonresidential activity increased while public spending declined, according to an analysis of new Census Bureau data by the Associated General Contractors of America.
“The patterns seen earlier this year reappeared in July, with strong year-over-year gains in single- and multifamily building, a range of results for private nonresidential categories, and deepening downturns in most public segments,” said Ken Simonson, the association’s chief economist. “These trends are likely to hold for the remainder of 2013.”