Construction spending reaches highest level since 2008
All major categories of construction spending increased in July and total construction reached the highest level since December 2008, according to the AGC.
“It is encouraging to see signs of a broad-based recovery in private construction along with a recovery — at least for now — in public construction investment,” said Ken Simonson, chief economist for the Associated General Contractors of America. “Private nonresidential construction should remain strong through the rest of 2014 and beyond, while residential spending is likely to keep growing, though at a more moderate pace. However, funding is still inadequate for needed public infrastructure improvements.”