Total construction spending increased by 0.2 percent in November, dragged down by a lack of new infrastructure projects along with a continuing slide in homebuilding, according to an analysis the Associated General Contractors of America released today of federal spending data. Association officials urged leaders in Washington to speed the release of funds authorized by infrastructure laws passed in 2021 and 2022 and address regulatory delays associated with those projects.
“A variety of private nonresidential categories, as well as multifamily projects, posted solid spending gains in November,” said Ken Simonson, the association’s chief economist. “Many of these segments should continue to do well in 2023. But the timing of public construction, while well-funded, remains unclear.”
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