In contrast, private sector nonresidential spending was uneven, said Ken Simonson, chief economist for the Associated General Contractors of America. Overall, private nonresidential spending dropped 0.2%.
“Private nonresidential categories showed varied patterns, while multifamily construction continued to slip from record levels in 2023,” said Simonson in the AGC’s report on the numbers. “These diverse trends suggest there is still strong demand for projects, but a dearth of workers may be forcing a slowdown in spending.”
