Web Exclusive<br>Construction Continued Slide In August, No Pickup Likely Soon, Says AGC Economist
The Census Bureau today reported that the value of construction put in place in August totaled $845.5 billion, a 1 percent decrease from July, and a nearly 3 percent drop from the year's high in April.
"These figures show that construction, as well as other sectors, had stopped growing even before the tragedies of September 11," said Ken Simonson, Chief Economist for Associated General Contractors of America, the leading trade association for the construction industry. "Unfortunately, those events are likely to put a halt to many construction projects until owners can reassess their financial situation. I expect to see a further decline in construction across the board, followed by very limited categories of expansion in the next few months."