CONSTRUCTION SPENDING HITS 2-1/2 YEAR PEAK IN MAY AS GAINS IN PRIVATE NONRESIDENTIAL AND RESIDENTIAL BUILDING OFFSET PUBLIC DOWNTURN

WASHINGTON, D.C. – July 2, 2012 – (RealEstateRama) — Construction spending in May reached the highest level since December 2009 as widespread gains in private nonresidential construction, single-family and multifamily homebuilding more than offset a continuing downturn in public construction, according to an analysis of new federal data released today by the Associated General Contractors of America. Association officials said they expect the disparity between private and public construction is likely to persist, although enactment of a federal highway and transit bill will cushion the decline in public spending.