Construction spending in June was down for the third consecutive month, although the year-to-date total remains higher than the same six months in 2015, according to an analysis by the Associated General Contractors of America (AGC).
Association officials suspect that the decline is more likely to reflect a strong start to the year, sparked by the mild winter weather, than weakness in demand.
“The drop in construction spending over the past three months is probably more a reflection of the very strong gains posted early in the year than of cooling demand for construction,” said Ken Simonson, the association’s chief economist. “Nearly every major segment had first-half gains of more than five percent compared with a year ago. Contractors, surveys and the media all continue to report plenty of projects are starting or will soon.”
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