Construction Today - November 2017 - 1
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Doing it Right
The conditions on job sites
are getting colder, but it's
nice to see industry news
of a spending increase to
warm us up.
According to the Associated
General Contractors (AGC) of
America, overall construction
spending grew between September 2016 and 2017, and private-sector residential demand
offset the annual declines in
public-sector investments in
infrastructure and other work.
"The ongoing economic
expansion is a favorable sign
for private residential and
AGC Chief Economist Ken
Simonson commented. "But
lawmakers continue to underfund public investment."
According to Simonson, construction spending in September reached $1.219 trillion at a
seasonally adjusted annual rate,
which was an increase of 2 percent from the previous year. Although public construction spending rose 2.6 percent from August, it dropped by
1.6 percent compared to September 2016.
But private residential construction spending, which was flat between August and September, is up 9.6 percent over the year, and the
spending on multifamily residential construction grew 0.9 percent compared to a year ago.
AGC's officials noted that because public sector investments in construction are down for
the year, maintenance and improvements will
be delayed although better economic activity
would result in more wear on roads, bridges
and other public works. Congress and President
Trump, they noted, can improve the infrastructure with the inclusion of new investments in
the tax reform measure.
"Done right, tax reform will make it easier for
the private sector to thrive and finance needed
improvements to the public works that support
[our] economy," AGC CEO Stephen E. Sandherr
said. Here's hoping they take AGC's advice.
firstname.lastname@example.org | Construction Today Editor
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NOVEMBER 2017 CONSTRUCTION-TODAY.COM