Total construction spending increased for the year amid growing private-sector demand, according to an analysis of new Census Bureau data by the Associated General Contractors of America. Association officials noted that the spending levels were held back by declining public sector investments.
Construction put in place totaled $934 billion in November, up 5.9% since November 2012. Private residential construction spending jumped 17%, private nonresidential spending climbed 1% and public construction spending dropped 0.2%.
The biggest jump in construction spending has occurred in new multifamily construction, which rose 36% year-over-year.
The largest private nonresidential category, power construction — which includes oil and gas field and pipeline projects as well as power plants, renewable power and transmission lines — is actually down 24.2 percent.
Highway and street construction, the largest public category, is up 4.6 percent compared to a year ago.