March 5, 2014: January Construction Spending Posts Biggest Increase Since 2006
Growth Comes Despite Harsh Winter Weather
ARLINGTON, Va. — Total construction spending in January 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).
“Overall construction spending increased in January compared with both December and January 2013 despite uncommonly adverse weather conditions,” said Ken Simonson, the association’s chief economist. “The monthly gains were limited to homebuilding and multifamily residential construction, although private nonresidential work should rebound in the next few months. Public construction is up for now on a year-over-year basis, but funding remains questionable.”