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Friday, April 13, 2012

Year-Over-Year Gains Occurred in Private Construction Spending

Private construction saw gains of 10.2 percent from February 2011 to February 2012, according to Census Bureau figures showing construction put in place.

Total construction spending in February topped year-ago totals by 5.8 percent as a double-digit increase in private construction offset a small drop in public sector spending," according to a new analysis of federal data released by the Associated General Contractors of America. The gains occurred despite a 1.1 percent decrease in spending from January to February and a dip of 0.8 percent the month before, based on revised data.

Ken Simonson, AGC's chief economist, commented that private nonresidential spending had an especially strong year-over-year gain, rising 14 percent from February 2011 to February 2012, although spending sank 1.6 percent from January to February. A highlight was new multifamily construction, which was up 26 percent from the previous February and 2.0 percent from January. Spending on residential improvements moved up 4.5 percent year-over-year and 1.2 percent for the month.

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