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November YoY Construction Spending Up Nearly 6 Percent
Associated General Contractors of America / January 2, 2013
Spending Levels Held Back by Public Sector Declines, Association Officials Urge Congress and Administration to Work Together to Boost Economy, Pass Vital Infrastructure Measures
Total construction spending increased between October and November and for the year amid growing private-sector demand, according to an analysis of new Census Bureau data by the Associated General Contractors of America. Association officials noted, however, that the spending levels were held back by declining public sector investments for both the month and the year.
“The nonresidential construction spending figures are even more positive than they appear, with most categories now positive year-over year,” said Ken Simonson, the association’s chief economist. “The outlook appears favorable for many types of private nonresidential and multifamily construction, but remains flat or negative for public spending.”
Construction put in place totaled $934 billion in November, rising 1.0 percent since October and up 5.9 percent since November 2012. Private residential construction spending increased by 1.9 percent in November and jumped 17 percent from a year earlier. Private nonresidential spending climbed 2.7 percent for the month and 1.0 percent year-over-year. Public construction spending dropped 1.8 percent for the month and 0.2 percent over 12 months.