Construction spending was unchanged from October to November as a continued downturn in multifamily and office building construction offset growing demand for single-family houses and data centers, according to an analysis of a new government report that the Associated General Contractors of America released today. Association officials said that despite the stalled spending levels contractors remain optimistic about 2025, based on a survey the association will release next Wednesday.
“Construction activity was closely balanced between segments that expanded or shrank in November,” said Ken Simonson, the association’s chief economist. “But contractors appear to be optimistic about most categories heading into 2025.”