Construction Spending Slips in November but Rises from Year-ago Level

Construction spending dipped from October to November, but resolution of the uncertainty regarding federal taxes for 2013 should unleash more private construction investment, according to an analysis of new federal data released today by AGC.  Association officials warned, however, that unresolved issues about federal construction spending, including storm relief for northeastern states, will hold down public construction spending. “Preliminary data from the Census Bureau for November shows overall construction spending slipped 0.3 percent from October’s total after seven months of steady gains,” said Ken Simonson, the association’s chief economist. “The more significant comparison, however, is with year-ago levels, and the November report shows a respectable 7.7 percent gain over the past 12 months.” Read full press release here. The news was covered by the San Diego Union Tribune, Riverside Press Enterprise, Albuquerque Business First, the Greater Binghampton Business Journal, Dayton Business Journal, New Orleans CityBusiness, Sacramento Business Journal, Daily Journal of Commerce, and Costar.