Construction Spending Rises 4.8% Nationwide in 2013
Total construction spending edged up 0.1% in December and rose by a modest 4.8% for all of 2013, as a robust market for apartments and single-family houses outweighed downturns in private nonresidential and public projects, according to a recent analysis of new Census Bureau data by the Associated General Contractors of America.
“Residential construction ended on a strong note in 2013 and should remain positive for at least the next several months,” said Ken Simonson, the association's chief economist. “Meanwhile, private nonresidential spending appears to be poised for a rebound, but the short-term outlook for public construction is still negative.”