Construction Spending Tumbles in May

Construction spending shrank again in May, dropping 8 percent from a year earlier, although homebuilding and stimulus-funded public works increased from year-ago levels, according to AGC's analysis of new Census Bureau data. "Stimulus has made a difference, but Congress needs to provide long-term funding for transportation and water projects to assure further economic growth," said Ken Simonson, AGC's chief economist. Read AGC's press release here. AGC was quoted on CNN Money.