–June and July Construction Spending Revised Slightly Lower
–New Residential Building Up 0.8%, Remodeling Up 0.5%
–Nonresidential Construction Up 0.2% To Highest Since December 2009
–Public Construction Up 3.1% On Rebound In State and Local Spending
By Kevin Kastner
WASHINGTON (MNI) – Spending on construction rose 1.4% in August,
well above expectations, with both private and public construction up in
the month, data released by the Commerce Department Monday morning
showed.
Analysts in a Market News International survey had expected
construction spending to fall 0.3% in August. Construction spending in
July was revised down slightly to a 1.4% decline from the previously
reported 1.3% decrease, while June spending was revised down to a 1.5%
rise from the previously reported 1.6% gain.
Private residential construction rose 0.7% in August, with
single-family construction and multi-family building both posting 0.8%
increases. As a result, total new home construction was up 0.8% in
August.
Home remodeling activity rose 0.5% in the month after sharp
declines in the previous two months, a Market News International
calculation shows.
Private nonresidential construction rose 0.2% in August, led by
gains in the power, manufacturing, transportation, and health care
sectors. The level of nonresidential construction, which reached $273.1
billion in August, was the highest since December 2009.
Public construction jumped 3.1% in the month to a level of $288.2
billion, the highest dollar level since January 2011. Federal
construction spending fell 0.5%, but state and local construction surged
3.5% to the highest level since December 2010.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
