AGC of America: Construction spending tumbles in May

Construction spending shrank again in May, dropping 8 percent from a year earlier, although homebuilding and stimulus-funded public works increased from year-ago levels, according to AGC's analysis of new Census Bureau data.

"Stimulus has made a difference, but Congress needs to provide long-term funding for transportation and water projects to assure further economic growth," said Ken Simonson, AGC's chief economist, according to a July 1 AGC of America report.

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