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Construction Spending Slips in February Despite Private Nonresidential Increases
Construction officials urge Biden Administration to focus on progress instead when it comes to new federal investments in infrastructure, semiconductor plant and green energy construction projects
Total construction spending decreased by 0.1 percent in February, as declines in single-family homebuilding and public construction outweighed a pickup in private nonresidential construction, according to an analysis by the Associated General Contractors of America April 3 of new federal data. Association officials noted that demand for many types of commercial construction is likely to remain strong for the foreseeable future.
“Continued strong demand for manufacturing plants and data centers, along with an increase in power projects, contributed to the increase in private nonresidential construction,” said Ken Simonson, the association’s chief economist. “Those segments appear likely to keep growing for many months to come.”