- Overall construction spending in June hits its highest level since December 2009, but the jump depended on private-sector work as states and local governments continue to fight budget battles.
- Single-family construction was 12% above where it stood in June 2011, multifamily was up 49% and private nonresidential was up 14% year over year. Public construction outlays were down 3.7%. The total construction-spending number was 7% above 2011.
- Ken Simonson, chief economist for Associated General Contractors of America, said of the Census Bureau data: "The June spending gains come on top of upward revisions to May and April totals, reinforcing the notion that private construction is now growing consistently."
From the article:
Construction spending in June rose to a 2-1/2 year high as double-digit percentage increases in private residential and nonresidential construction more than offset an ongoing downturn in public construction, according to an analysis of new federal data released today by the Associated General Contractors of America. ...