Construction spending in February topped the previous year’s totals by 5.8% as a double-digit increase in private construction offset a small drop in public-sector spending, the Associated General Contractors of America (AGC) reported in an analysis of Census Bureau data.
The gains occurred despite a 1.1% decrease in spending from January to February and a dip of 0.8% the month before, based on revised data, AGC officials said.
“It is heartening to see that nearly all private residential and nonresidential segments exceeded their February 2011 levels this February and that the decline in public construction has moderated from the steep pace of early last year,” said the association’s chief economist, Ken Simonson. “The improvement is too widespread to be attributable just to favorable weather comparisons.”
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