That’s how AGC chief economist Ken Simonson characterized the stimulus bill’s infrastructure spending thus far in his report on nonresidential construction today. From June to July public nonresidential construction slipped 0.8 percent. Private nonresidential construction fell 1.2 percent following a 2.2 percent decline the month before. This marks the fifth straight monthly decline in private nonres. Simonson also observed that the stimulus funds aren’t even fully replacing the cutbacks made in state and local funds due to the recession.
Here’s a full look at the data from the Census Bureau.