Construction spending decreased 0.1 percent from September to October but is up 4.9 percent compared with October 2017, according to www.agc.org. Association officials said investment in public infrastructure posted declines from recent highs and urged the White House and Congress to act regarding comprehensive infrastructure legislation.
"Although most segments of construction continue to post year-over-year spending gains, investment in vitally needed infrastructure has stalled or shrunk in the past four months," says Ken Simonson, chief economist for the Associated General Contractors of America (AGC). "If infrastructure contractors start losing employees to more-active construction segments, it may be hard to get infrastructure projects done on time once funding resumes."
For public construction, spending increased 0.8 percent for the month and 8.5 percent during the past 12 months. Private residential construction fell 0.5 percent for the month but increased 1.8 percent during the past 12 months. Private nonresidential spending fell 0.3 percent from September to October but increased 6.4 percent during the past year.