April 10, 2006: Construction Spending Shows 'Strong, Balanced Growth'
WASHINGTON - The latest report on construction spending "shows the industry is hitting on all cylinders with strong, balanced growth," said Ken Simonson, chief economist for the Associated General Contractors of America (AGC). Simonson was reacting to a Census Bureau report that construction spending in February was at a record seasonally adjusted annual rate of $1.19 trillion, up 0.8 percent from January and 7.4 percent from February 2005.
"Not only was the overall total up strongly from a year ago, but all major segments showed similar growth," Simonson commented. "For the first time since the 2001 recession, private nonresidential construction led the parade with a 9.6 percent increase from the year-ago pace. Private residential construction was 7.1 percent higher and public construction, 6 percent higher.