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Construction Spending Inches Up in April

Post Time:Jun 03,2013Classify:Industry NewsView:47

Total construction spending registered a small gain in April but showed mixed patterns among major segments, according to an analysis of new Census Bureau data by the Associated General Contractors of America. Association officials cautioned that a surge in certain project types and regions could leave the industry short of workers even while overall unemployment remains high.

"The report underscores patterns that have prevailed for several months: surging home and apartment construction, volatile private nonresidential activity and shrinking public investment," said Ken Simonson, the association's chief economist, in a release."This uneven result is leading to selected materials cost increases and localized reports of worker shortages despite continuing hard times for many contractors and workers."

Construction put in place totaled $861 billion in April, rising 0.4 percent since March and up 4.3 percent since April 2012. Private residential construction spending inched down 0.1 percent in April but jumped 19 percent from a year earlier. Private nonresidential spending climbed 2.2 percent for the month and 0.6 percent year-over-year. Public construction spending dropped 1.2 percent for the month and 5.1 percent over 12 months, AGC reports.

"New apartment and home construction were standouts again and should remain very strong for the rest of 2013," Simonson said, in the release. "Growth has been more inconsistent among private nonresidential categories, reflecting reluctance of businesses to commit to investing in structures amid ongoing economic uncertainty. Meanwhile, there appears little prospect that public agencies will start investing in infrastructure any time soon."

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Source: http://www.glassmagazine.com/news-item/commercial/construction-spending-inches-april-1311191Author:

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