U.S. construction spending rose to $852 billion in September, up nearly 8 percent from a year prior, according to new analysis of federal data by the Associated General Contractors of America.
The highest figure since October 2009 came as builders increased spending on single and multifamily homes, as well as commercial projects.
Private construction grew 8.8 percent. Spending on private residential projects rose 21 percent, representing the largest growth sector in the private construction category.
However, public construction spending fell 4.2 percent. Education projects took the hardest hit in that category, declining 6.9 percent.
“It is heartening to see the growth in total spending, but the progress remains fragile and fragmentary,” Ken Simonson, the association’s chief economist, said in a release.
No comments:
Post a Comment