By Kristena Hansen | Phoenix Business Journal
Construction spending nationwide took a big dip in January, a disappointing break to nine consecutive months of gains, according to an analysis of new U.S. Census Bureau data released Friday by the Associated General Contractors Association of America.
The total $883 billion in spending for January was a 2.1 percent fall from December figures, the statement said. While that’s still much better — by 7.1 percent, to be exact — than January 2012, association officials warned that the widespread federal spending cuts, known as sequestration, that took effect Friday could slam construction harder than most other industries.
Another analysis the association released last month estimated that sequestration could ransack or cancel roughly $4 billion worth of federal construction projects this year alone.
