Steel Markets
April 1, 2021
AGC: Construction Spending Dips in February
Written by Sandy Williams
Construction spending dipped 0.8 percent in February hampered by unseasonable weather and fewer new projects, said the Associated General Contractors of America in an analysis of new government data. Contractors reported rising costs and longer delivery times that threaten project completion and financial health.
Construction spending totaled $1.52 trillion at a seasonally adjusted annual rate in February. Compared to a year ago, spending was 5.3% higher but almost completely due to residential construction, said AGC Chief Economist Ken Simonson. Residential construction spending slipped 0.2% from January but was up 21% from February 2020. Combined private and public nonresidential spending declined 1.3% from January and 6.1% over 12 months.
