Private non-residential construction spending declines

According to February 2009 data released by the Census Bureau, another 0.2 percent decline in private non-residential construction marks the first time since 1993 that monthly spending in this sector has declined for two consecutive months.

Ken Simonson, economist, Associated General Contractors of America, predicts the decline is likely to accelerate in the foreseeable future. The AGC contends that the recently enacted stimulus bill will lead to increases in public construction spending, but will offer little consolation for the tens of thousands of workers that rely on private construction activities for their livelihood.