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Construction spending up slightly in June thanks to private nonresidential projects

Post Time:Aug 05,2011Classify:Industry NewsView:55

Construction spending edged up 0.2 percent in June as increases in private nonresidential construction outweighed continuing declines in private residential and public construction spending, the Associated General Contractors of America reportedAug. 1in an analysis of new Census Bureau data. The construction trade association's chief economist, Ken Simonson, predicted further imbalances in spending, with further cuts in public spending likely to offset most or all of the gains in private investment.

"Private nonresidential construction is rebounding, thanks to renewed investments in power, manufacturing, and warehousing and distribution facilities," Simonson said. "A small rise in homebuilding also helped overall spending rise for the third month in a row, although decreases in multifamily and residential improvements pulled down total private residential construction by 0.3 percent. Meanwhile, public construction shrank 9.6 percent since June 2010, and appears headed down further," he said in the AGC release.

Simonson noted that private nonresidential construction jumped 1.8 percent from May to June and that nine of the 11 categories that the Census Bureau breaks out recorded gains for the month. The largest monthly increases were in manufacturing and power construction, both up 4.0 percent; commercial (retail, warehouse and farm) construction, up 3.1 percent; and health care construction, up 2.3 percent.

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