In another sign of the construction industry’s comeback, year-over-year spending in January increased at its fastest pace since 2006, the Associated General Contractors of America said.
Construction put in place was $943 billion in January, 0.1 percent higher than the December figure, which was upwardly revised from the $12 billion initially estimated. January’s figure was 9.3 percent higher than in January 2013, and the fastest rate of growth for total construction spending since May 2006.
“Overall construction spending increased in January compared with both December and January 2013 despite uncommonly adverse weather conditions,” said Ken Simonson, the association's chief economist. “The monthly gains were limited to home building and multifamily residential construction, although private nonresidential work should rebound in the next few months. Public construction is up for now on a year-over-year basis, but funding remains questionable.”