When factoring in the residential sector, total construction spending increased 0.4% in November to a seasonally adjusted annualized basis of $2.05 trillion, according to the Associated General Contractors of America.
“Private construction spending is showing renewed vigor in homebuilding and selected private nonresidential categories, while developer-financed spending languishes,” said Ken Simonson, AGC’s chief economist, in the release. “Unfortunately, public construction spending appears to have stalled.”
