Construction spending increased in May to its highest point since December of 2009, according to a new analysis of federal data from the Associated General Contractors of America (AGC).
Private nonresidential construction, single-family home building, and multifamily home building jumped during the month. Their growth outpaced a decrease in public construction.
“Based on the number and variety of projects that have been announced in recent months, I expect the private nonresidential sector to keep posting hefty gains for the rest of 2012 and beyond,” AGC Chief Economist Ken Simonson said in a news release. “Apartment construction seems sure to remain strong as well. Single-family homebuilding is not as solid but has apparently passed its low point. Together, these categories should mean that total construction spending in 2012 will be positive for the year for the first time since 2007, despite ongoing weakness in public construction.”
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Private nonresidential construction spending increased for the third straight month and registered 19 percent higher than in May 2011. Residential construction jumped 3 percent this May and was 8 percent higher than the same month a year ago.
However, public construction fell for the fifth month in a row this May. It dropped to 4 percent below its level during the month last year.
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