Construction Spending Level Climbs Modestly in May

Total construction spending climbed modestly in May as growth in residential and public construction offset a drop in private nonresidential activity, according to an analysis of new Census Bureau data by AGC of America. Association officials predicted that spending would remain uneven through the second half of 2013. “Hesitancy by private owners to commit to new construction, along with continuing shrinkage in public budgets, will keep the recovery weaker than it otherwise would be,” said Ken Simonson, the association's chief economist. “On the plus side, both new residential spending and improvements to existing homes will keep some contractors busy. Residential spending appears poised for double-digit growth all year long.” Read the full press release here. News covered by the Dayton Business Journal, New Orleans City Business, Phoenix Business Journal, BobVila.com and Transport Topics, among others.