Construction spending inched up 0.1 percent in December, and the private nonresidential market appears to be poised for a rebound. That’s according to Ken Simonson, chief economist for the Associated General Contractors of America. Highway and street construction went up 1.8 percent in December, but the ACG says greater congressional support for water and infrastructure projects is needed to spur growth in public sector construction spending.
“The need for increased spending on public infrastructure is undeniable,” says Jeff Williamson, Sundt Senior Vice President for heavy civil construction. “The industry really needs long term, well-funded bills passed on both the highway-transit and water/wastewater sides to meet this critical need and spur construction growth. Public private partnerships (P3s) also need to be encouraged to help facilitate the building of the country’s infrastructure.”
Read the full AGC report here.