Construction spending continues its climb.Construction spending Construction Spending An economic indicator that measures the amount of spending towards new construction. Released monthly by the U.S. Department of Commerce's Census Bureau, it looks at residential and non-residential construction in the private sector, and state and federal at continues to climb in some sectors, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census . "Construction put in place scored its sixth straight record performance in November, thanks to new highs for housing and public construction," said Kenneth D. Simonson, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the Associated General Contractors Associated General Contractors of America is the nation's oldest and largest trade association representing the construction industry. It was formed in 1918 following a request by President Woodrow Wilson. of America (AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ), the nation's leading construction trade association. "Unfortunately, private nonresidential construction remains adrift." Census Bureau data released last week said the value of construction put in place showed that the total amount spent on construction projects in November rose 1.2% from October's upwardly revised total to a record $934.5 billion at a season ally adjusted annual rate. The November figure was 7% higher than a year before. For the first 11 months of 2003, total construction was 4% higher than in January-November 2002. "Private residential construction just keeps getting stronger. It jumped 14% from November 2002 and the year-to-date total is almost 10% higher than last year's record," Simonson observed. "Meanwhile, public construction climbed nearly 5% from November 2002 and gained 3% in the first 11 months. However, private nonresidential construction slid 3% from November 2002 and is down almost 6% year-to-date. Even the previously strong healthcare construction segment dropped 5% in November from the year-ago figure, although it still has a robust 7.5% gain for the first 11 months, said Simonson. "It seems clear that 2003 will go into the record books for both private residential and public construction, with private nonresidential construction still slipping but at a lower rate than before," said Simonson. "For 2004, I think the story will reverse: private nonresidential will slowly accelerate, while residential eases off and public construction drops by 5 or 10%." |
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