Construction Spending Nationwide Reaches Four-Year Peak
An unusual surge in public construction in October pushed total construction spending to its highest level since May 2009, despite a dip in both private residential and nonresidential activity, according to a recent analysis of new Census Bureau data by the Associated General Contractors of America.
“Nearly every category of public construction increased in October, according to the preliminary Census figures, although for the first 10 months of 2013 combined, public spending continues to lag the 2012 year-to-date total,” said Ken Simonson, the association's chief economist. “Meanwhile, residential spending slipped for the month but still showed strong year-to-date gains, and nonresidential spending remained stuck in neutral.”