Construction Spending, Employment See Uptick in October
Construction spending reached $909 billion in October, up 0.8 percent from September, and up 5.3 percent from October 2012, according to U.S. Census Bureau data, as reported in the Dec. 2 edition of Data DIGest from AGC of America. The growth can be partly attributed to public construction, which increased 3.9 percent from September, and was up 2.3 percent from October 2012. However, spending in public construction in the first 10 months of 2013 remains 2.8 percent below the same period last year.
Private nonresidential construction, on the other hand, was down 0.6 percent from September and 3.4 percent from October 2012. Year-to-date, however, the segment is up 0.8 percent compared to the first 10 months of 2012, according to Data DIGest. Private residential construction, while down a slight 0.5 percent from September, is up 18 percent year-over-year and up 17 percent year-to-date, according to Data DIGest.
Construction employment was on the rise in 215 out of 339 metropolitan areas in the 12 months through October, according Bureau of Labor Statistics data as reported by AGC of America. Employment declined in 74 metro areas and was flat in 50, according to the report.