"Numerous reports today tell a tale of two industries-housing and nonresidential construction-heading in opposite directions," said Kenneth D. Simonson, chief economist for the Associated General Contractors of America (AGC), the nation's leading construction trade association.
"In the first four months of 2003, the value of construction put in place, as reported today by the Census Bureau, was about 1% above last year's total. But this aggregate masks a 10% jump in residential construction, nearly offset by a 7% drop in nonresidential construction."