Construction spending slipped in November from a month earlier but maintained a strong rate of year-over-year growth in all major categories, according to an analysis by the Associated General Contractors of America. Association officials noted that the new spending data demonstrate a lot of uncertainty within the private sector about the need for new projects while state and local government officials are worried about budget constraints.
“The November data show divergent trends for residential, private nonresidential and public construction,” said Ken Simonson, the association's chief economist. “Compared to October levels, spending dipped overall but climbed for homebuilding, school and office construction. Previously fast-growing categories such as multifamily, manufacturing and lodging construction have stalled for the past two to four months. Yet nearly every type of construction has outperformed its 2014 pace through the first 11 months of 2015.”
Read full press release here.