Jan. 9, 2006: Construction Spending In November Sets Record
WASHINGTON - "Construction spending in November outpaced even the upwardly revised October and September totals," stated Ken Simonson, chief economist for the Associated General Contractors of America (AGC). He was commenting on new Census Bureau figures that showed the value of construction put in place set a record of $1.15 trillion at a seasonally adjusted annual rate, up 0.2 percent from October. The totals for October and September were revised upward by 1 percent apiece from last month's estimates.
"Growth has been steady and well distributed among the major construction segments for the past several months," Simonson observed. "For the first 11 months of 2005, total construction was 9 percent higher than in the same months of 2004. Private residential construction grew 11 percent, public construction, 8 percent, and private nonresidential, 5 percent.