Construction Outlays Hit New High

“There was healthy growth this October in both public and private construction spending,” says AGC’s Simonson.

WASHINGTON, DC—Construction spending overall reached a new high in October, the Associated General Contractors of America said Friday. However, AGC notes a significant qualifier in that statement: a lag in public-sector spending on infrastructure.

With spending at a seasonally adjusted annual pace of $1.241 trillion for the month, “There was healthy growth this October in both public and private construction spending, with an exceptionally strong surge in public educational construction,” says Ken Simonson, chief economist with AGC. “But for the first 10 months of 2017 combined, public investment—specifically in infrastructure—has fallen short of the already inadequate amounts posted in the same period of 2016.”