Construction spending declined between July and August to an annualized rate of $837 billion, but increased compared to August 2011, according to an analysis of new federal data released today by the Associated General Contractors of America. Association officials noted that growing demand for residential, lodging and education construction in particular offset drops in public construction spending.
“The construction industry has definitely lost some of the momentum it had earlier this year,” said Stephen E. Sandherr, the association’s chief executive officer, noting that construction spending has now declined for two months in a row. “With the exception of the lodging sector, many businesses are retreating from the levels of construction spending we saw in the spring and early summer.”
Read the full press release here.