Construction spending in June rose to a 2-1/2 year high as double-digit percentage increases in private residential and nonresidential construction more than offset an ongoing downturn in public construction, according to an analysis of new federal data released by the Associated General Contractors of America. Association officials said they expect the disparity between private and public construction is likely to persist and urged policy makers to put more funding into infrastructure projects. “The June spending gains come on top of upward revisions to May and April totals, reinforcing the notion that private construction is now growing consistently,” said Ken Simonson, […]

The amount contractors pay for a range of key construction materials decreased for the second consecutive month in June and inched up by just 0.5 percent from a year earlier, according to an analysis of producer price index figures released by the Associated General Contractors of America. Meanwhile, the amount contractors charge to construct projects was virtually unchanged for the month and rose only between 3.2 and 4.4 percent from a year ago. “Contractors are finally seeing sustained relief from the outsized cost increases that buffeted them last year,” said Ken Simonson, the association's chief economist. “The half-percent rise in […]