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Mon June 21 2021

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US construction spending edges up

4 Jun 13 Analysis of new Census Bureau data shows that total construction spending registered a small gain in April.

The analysis was carried out by the Associated General Contractors of America (AGC). "The report underscores patterns that have prevailed for several months: surging home and apartment construction, volatile private non-residential activity and shrinking public investment," said AGC chief economist Ken Simonson.

April’s spending totalled US$861bn (£564bn), representing a rise of 0.4% since March and up 4.3% since April 2012.

Private residential construction spending was down 0.1% in April but was still up 19% from a year earlier. Private non-residential spending climbed 2.2% for the month and 0.6% year-on-year. Public construction spending dropped 1.2% for the month and 5.1% over 12 months.

Highway and street construction, the largest public category, increased 0.5% in April but slipped 3.4% from the previous year, Simonson said. The next largest public sector education tumbled 4.4% and 13%, respectively, he added.

"We need to make sure we have prepared workers in place to handle growing demand for construction," said AGC chief executive officer Stephen Sandherr.

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