Construction Spending Slips

In a sign that the construction industry is mired in its own recession, private nonresidential construction spending slipped 1.4 percent in August, according to the Oct. 1 report by the U.S. Census Bureau. In addition, private nonresidential construction spending is down 24.2 percent compared to the same time last year. However, total nonresidential construction spending — which includes both privately and publicly financed construction — was up 0.6 percent for the month but down 13.6 percent on a year-over-year basis. Total nonresidential construction spending in August now stands at $562.7 billion.