ARLINGTON, Va. — Total construction spending in January 2014 posted the largest year-over-year increase since 2006, with growth in public construction as well as private residential and nonresidential spending, according to an analysis of new Census Bureau data by the Associated General Contractors of America (AGC).
“Contractors are clearly more optimistic about the outlook for private nonresidential markets this year, as shown by their upbeat answers to an AGC survey in January,” said Ken Simonson, the association’s chief economist. “In addition, apartment construction is still very strong in much of the country and homebuilding should remain positive.”
Construction put in place totaled $943 billion in January, 0.1 percent higher than the December total, which was revised up $12 billion from the initial estimate. The January mark was 9.3 percent higher than January 2013, the fastest rate of growth for total construction spending since May 2006.