AGC: Construction Spending Soars in January

Construction spending increased 1.8 percent to $1.369 trillion in January, according to a new analysis of federal data by the Associated General Contractors of America.

“Public spending on infrastructure, along with single-family housing, was exceptionally robust in January,” said Ken Simonson, the association’s chief economist. “While overall economic conditions remain favorable, future construction spending levels may be affected by the growing uncertainties related to the coronavirus and its impact on the supply chain for construction components, especially those manufactured in hard-hit countries.”