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August 2, 2023

Construction spending up 0.5% for the month

By JOURNAL STAFF

Total construction spending increased by 0.5% in June over May, driven by increases in most residential and nonresidential construction segments, according to an analysis of new federal data by the Associated General Contractors of America. That's a seasonally adjusted annual rate of $1.94 trillion.

“Despite high interest rates, private sector demand for most types of construction activity continues to expand,” says Stephen E. Sandherr, the association's CEO, in a news release. “Ironically, demand softened in sectors like power and highway and street construction where Washington (D.C.) has directed significant sums.”


 
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