Construction spending grew 10.7% year-over-year in February, according to an analysis by the Associated General Contractors.
Compared with January, however, total construction spending dipped 0.3%.
“There were monthly decreases for nearly all types of nonresidential projects,” stated AGC Chief Economist Ken Simonson. “But every spending segment increased from a year earlier, suggesting the current downturns may reflect short-term challenges such as severe weather, not fading demand.”
Spending on private residential construction was up 0.7% month-over-month and 6.3% year-over-year.
The full AGC report can be found at this link.
