Home > News > Industry News > Construction rallies as industry spending increases 1.4 percent

Construction rallies as industry spending increases 1.4 percent

Post Time:May 09,2011Classify:Industry NewsView:117

Construction spending bounced back from an 11-year low in March, increasing by 1.4 percent to a total seasonally adjusted annual rate of $769 billion, according to analysis of new Census Bureau data by the Associated General Contractors of America. Association officials cautioned in a May 2 release that the industry remains weak, however, noting that total construction spending remains 6.7 percent lower than a year ago and 37 percent lower than the March 2006 peak,

Spending on lodging increased the most in March, up 6.1 percent for the monthand down -31 percent for the year, followed by manufacturing (5.2 percent for the month, -28 percent for the year) and health care (2.4 percent for the month, -3.2 percent for the year), according to AGC.

"I expect we'll see improvements in the next few months in manufacturing, warehouse, hospital and data-center construction, but these gains may not offset declines in school and other public construction," said Ken Simonson, the AGC's chief economist, in the release.

Read the full release....

Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/construction-rallies-industry-spending-increases-14-percent-118128Author:

Hot News