Construction Spending Declines in June 2016 for Third Consecutive Month

Words: Dan KamysAugust 1, 2016 — According to analysis by the Associated General Contractors of America, construction spending decreased in June 2016 for the third month in a row, but most segments saw solid increases in the first six months of 2016 compared to the same period in 2015. Association officials said spending appears to have leveled off after a strong early start to the year prompted by mild winter weather conditions in many parts of the country. Construction spending in June totaled $1.134 trillion at a seasonally adjusted annual rate, 0.6% lower than the May total. Private residential spending was virtually unchanged for the second month in a row and 7.8% higher year-to-date. Spending on multifamily residential construction slid 1.5% for the month but increased 22% year-to-date, while single-family spending fell 0.4% from May to June but rose 11% year-to-date. Private non-residential construction spending decreased 1.3% for the month but climbed 7.9% year-to-date. The largest private non-residential segment in June was power construction (including oil and gas pipelines), which slipped 0.7% for the month but rose 8.2% year-to-date. The next-largest segment, manufacturing, lost 4.5$ for the month and 2.7% year-to-date. Commercial (retail, warehouse and farm) construction declined 1.6% in June but climbed 8.6% year-to-date. Public construction spending declined 0.6% from a month before but was still up 1.5% for the first five months of 2016 combined. The biggest public segment — highway and street construction — shrank by 1.4% for the month but was up 3.9 percent year-to-date. The other major public category — educational construction — dipped by 0.5% in June but gained 5.9% for the combined January-June period. Complete details and commentary from AGC of America can be found at www.acg.org.
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