April Marks a Third Consecutive Month of Total Construction Spending Increases
The modest increase is due to a mix of strengths and weaknesses in public, private nonresidential and residential spending. According to AGC now is the time for the federal government to spend money on infrastructure to make up for the decreased public sector demand.
April construction spending totaled $954 billion, which is a 0.2 percent increase over the revised February total and a 8.6 percent year-over-year increase.
Private residential construction spending is up 0.1 percent, reaching a six-year high, while “the latest total exceeded the year-ago level by 17 percent.” Private non-residential construction, on the other hand, decreased by 0.1 percent, but increased 5.6 percent over a year ago. Finally, public construction posted an increase of 0.8 percent for April and a 1.2 percent one compared to April 2013.
Read the full article on AGC’s website.