"Today's dismal report on construction spending highlights the urgency of putting stimulus funds to work and unlocking the credit markets," said Ken Simonson, chief economist of the Associated General Contractors of America. "The new Census figures show that spending on nearly every type of nonresidential construction is now declining. The stimulus money can put thousands of construction workers back on the job promptly, but only if federal and state agencies do their utmost to turn dollars into contracts. Meanwhile, it will take a renewal of bank and bond market lending to get private construction back on track."
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