Economy
AGC: Construction spending up for fifth consecutive month in November
Written by Becca Moczygemba
January 3, 2024
An increase in residential construction brought total construction spending up by 0.4% in November, according to a report from the Associated General Contractors of America (AGC). The uptick offsets a slowdown in public spending.
Construction spending totaled $2.050 trillion in November, a 0.4% increase over October.
“Private construction spending is showing renewed vigor in homebuilding and selected private nonresidential categories, while developer-financed spending languishes,” AGC’s chief economist Ken Simonson said in a statement on Jan. 2.
Private residential construction increased by 1.1% while multifamily builds inched up 0.1%.
Spending on private nonresidential construction increased for the fifth consecutive month by 0.2%, AGC said. However, the largest segment was manufacturing construction, which rose by 0.5%. Overall commercial construction fell by 0.5%.
Decreased funding for public construction on education, transportation, and other infrastructure categories led to a 2.2% drop in November, according to AGC. But highway and road construction increased by 0.1%.
The AGC is set to release its 2024 outlook on Thursday, Jan. 4.
Becca Moczygemba
Read more from Becca MoczygembaLatest in Economy
New York state manufacturing activity stable in December
Following a substantial recovery in November, business activity in New York state’s manufacturing sector held steady in December, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
Ternium chief say Mexico tariffs ‘irrational’
Vedoya said the proposed tariffs are "an irrational measure that would harm both their own industry and ours."
Slowing data center, warehouse planning drives decline in Dodge index
The Dodge Momentum Index (DMI) slid further in November as planning for data centers and warehouses continued to decline.
Beige Book shows some positive economic activity
Still, many businesses noted increased sensitivity to prices and quality among customers.
SMA sends pro-steel policy plan to Trump administration
“We are under constant threat from nonmarket economies who evade our trade laws," SMA said.