Total construction spending increased by .2% for the month of September and by 10.9% for the year as nonresidential construction activity now outpaces residential construction, according to an analysis the Associated General Contractors of America released of federal spending data. Association officials noted that gains in public sector transportation construction have lagged other fast-growing segments as officials grapple with Buy America and other new regulatory requirements. Construction spending, not adjusted for inflation, totaled $1.811 trillion at a seasonally adjusted annual rate in September, .2% above the August rate and 10.9% above the September 2021 rate. Spending on private residential construction … Read more

Total construction spending fell by 1.1% in June as spending on new housing and nonresidential projects declined compared to May, according to an analysis the Associated General Contractors of America released of federal spending data. Association officials said that the construction spending figures are being impacted as materials and labor shortages are slowing schedules and increasing the cost of construction. Construction spending, not adjusted for inflation, totaled $1.76 trillion at a seasonally adjusted annual rate in June. That figure was 1.1% below the upwardly revised May rate and 8.3% higher than in June 2021. Private nonresidential construction spending declined for the … Read more