Construction Spending Slips in June as Residential Market Pauses, Private Nonresidential and Public Spending Decline

Total construction spending cooled in June as residential building hit the pause button, while private nonresidential and public construction also declined, according to an analysis of new Census Bureau data by AGC of America. Association officials urged lawmakers in Washington to make infrastructure investment a top federal priority for the fiscal year beginning in October. “New single-family and multifamily construction both had rare slowdowns in June, while private nonresidential construction remained stuck in neutral as it has all year and the long slump in public construction worsened,” said Ken Simonson, the association's chief economist. “For the rest of 2013, private construction appears likely to grow again but public spending is showing no signs of a recovery.” Read the full release here.