Construction Spending Ends 2014 on High Note
Construction spending rose in December to a six-year high of $982 billion as public construction for the year increased for the first time since 2009, according to an analysis by the Associated General Contractors of America.
Association officials said President Obama's budget proposal and his suggested infrastructure funding program should help construction spending continue to grow by accelerating debate about the best way to fund repairs to the nation's aging roads, bridges, and other public infrastructure.
"For the first time in nearly a decade there was growth in all three major construction segments-public, private nonresidential and residential," said Ken Simonson, the association's chief economist. "If the president and Congress can work out a way to pay for long-term investments in our aging infrastructure, there is a good chance this pattern will repeat in 2015."
Construction spending in December totaled $982 billion at a seasonally adjusted annual rate, 0.4 percent higher than in November, 2.2 percent higher than in December 2013, and the highest monthly figure since December 2008, Simonson noted. The full year total of $961 billion was up 5.6 percent from 2013 and was the highest full year amount since 2008.
You can find the AGC's complete news release here.
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