Total construction spending increased by 0.4 percent in November, as a pickup in homebuilding and some private nonresidential markets offset a downturn in public spending, according to an analysis of federal spending data the Associated General Contractors of America released today. Association officials said the new spending data comes as they and Sage are getting set to release the 2024 Construction Hiring & Business Outlook this Thursday that includes the industry’s predictions for spending trends for the year.
“Private construction spending is showing renewed vigor in homebuilding and selected private nonresidential categories, while developer-financed spending languishes,” said Ken Simonson, the association’s chief economist. “Unfortunately, public construction spending appears to have stalled.”
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