Construction spending grew 0.9% in November to $1.45 trillion, the U.S. Census Bureau reports. Year-over-year, spending was up 3.8%.
Construction spending grew 0.9% in November to $1.45 trillion, the U.S. Census Bureau reports. Year-over-year, spending was up 3.8%.
The spending for November was bolstered by residential construction, which grew 2.6% during the month and 16.2% year-over-year. Nonresidential spending dropped 0.6% in November and fell 4.7% year-over-year.
“Private nonresidential construction declined for the fifth-straight month in November, while public nonresidential spending slipped for the fifth time in the past six months,” stated Ken Simonson, chief economist for the Associated General Contractors of America. An AGC survey found most contractors expect the volume of available projects in 2021 to be “even more meager.”
“Without additional measures to boost demand for nonresidential construction, this year is likely to be a challenging one for the industry,” AGC CEO Stephen E. Sandherr said in a statement. “The impacts of the pandemic are clearly accumulating for many construction employers.”
The full AGC report can be found here.