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Hotel and resort construction drives nonresidential construction in June

Post Time:Nov 12,2013Classify:Industry NewsView:67

While residential private construction spending dipped 1 percent in June, nonresidential private spending rose 2.7 percent to an annual rate of $303.1 billion, according to an Aug. 1 report from the U.S. Census Bureau. Spending in the lodging category helped drive the growth. In the category that includes hotels and resorts, spending surged 8.7 percent for the month to $20.9 billion, up 71.2 percent from the $12.2 billion last year, according to the report. Office spending hit $52.6 billion, a 2.4 percent increase for the month and 10.9 percent for the year. Health-care construction, valued at $41.9 billion, upped 0.2 percent for the month, but 16.9 percent compared to last June’s $35.9 billion, according to the report. In the multi-retail segment that includes shopping centers, malls and big-box retailers, spending rose 1.1 percent for the month, up 52 percent for the year, according to analysis of the Census data reported in the Aug. 8 edition of Data DIGest, a publication of the Associated General Contractors of America in Arlington, Va. In the residential sector, private multifamily spending edged up only 0.1 percent but still beat single-family spending that dropped 2.1 percent during the month, according to Data DIGest. Total construction spending in the first half of the year reached $569.3 billion, up 8.5 percent from the same period in 2005, according to the report. The Census data represent the total value put in place for construction in the United States at a seasonally adjusted rate. The data for June 2006 are preliminary.Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/hotel-and-resort-construction-drives-nonresidential-construction-juneAuthor:

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