Construction spending in January made modest gains over levels in January 2014, but slipped from a six-year high in December, according to an analysis of Census Bureau data by the Associated General Contractors of America (AGC).
Spending totaled $971 billion. While private residential construction slipped from a year earlier, both the public and private nonresidential sectors rose.
“Construction continues to expand overall but with a lot of variability by month and segment,” said Ken Simonson, the association’s chief economist. “The generally positive trends are obscured by an unreliable estimate for residential improvements which purportedly shows a huge downturn that is inconsistent with other data.”
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