Spending on nonresidential construction activity tumbled 1.5 percent in October, seasonally adjusted, to the lowest annual rate since July 2007, according to ÎÚÑ»´«Ã½'s analysis of Census Bureau data. The data showed that nonresidential construction spending slumped to $652 billion, an 11 percent decline compared to October 2008.
ÎÚÑ»´«Ã½ called for quicker action on stimulus funding and the stalled highway funding bill. Read the press release . The news was covered by the and .
ÎÚÑ»´«Ã½'s chief economist explained the plight of many construction firms, including highway contractors awaiting action on the highway bill, on and in the .
For more information, contact Brian Turmail at (703) 837-5310 or turmailb@agc.org.
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