Construction spending increased 0.4 percent from September to October as a pickup in single- and multifamily residential building outweighed declines in public outlays and mixed results for private nonresidential categories, according to an analysis of a new government report that the Associated General Contractors of America released today. Association officials said construction has yet to begin on many federally funded projects amid lengthy regulatory reviews.
“Despite a flurry of project announcements by the federal government, much of the money still has not been awarded in construction contracts, let alone work under way,” said Ken Simonson, the association’s chief economist. “At the same time, major private categories are growing more slowly or shrinking.”