WASHINGTON -- Robust gains in public and private nonresidential construction spending overpowered the continuing slump in homebuilding in April, according to Ken Simonson, chief economist for the Associated General Contractors of America (AGC), a construction trade association in the United States that represents more than 32,000 firms.
“Total construction spending climbed 0.9% in May, seasonally adjusted, as a 2.5% uptick in nonresidential spending more than offset a decline of 0.8% in residential construction,” Simonson noted. “For the first five months of 2007 combined, total construction was down 3.9% compared to the same period in 2006. During that span, nonresidential spending jumped 15% and residential plunged 18%.”
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