June Construction Spending Buoyed by Public Sector
Public monies shored up construction spending figures inrnJune, just barely making up for a drop in expenditures from the privaternsector. The U.S. Census Bureau said thatrnoverall construction spending rose a scant 0.1 percent from May to June with<bprivate construction spending down 0.5 percent and public spending rising 1.6rnpercent. </p
Overall construction spending was at a seasonally adjustedrnannual rate of $1,064.6 billion in June compared to a revised May estimate ofrn1,063.5 billion. The June figure is 12rnpercent higher than a year earlier when total expenditures were at a rate ofrn$950.3 billion. It was the fourthrnconsecutive month that the rate of annual spending topped a trillion dollars.</p
During the first six months of 2015 construction spendingrnwas estimated at $482.7 billion, 8.0 percent higher than the $446.8 billionrnspent during the same period in 2014. Onrna non-seasonally adjusted based June spending was estimated at $96.6 billionrncompared to $90.8 billion in May.</p
Private sector expenditures for all categories ofrnconstruction were at a seasonally adjusted annual rate of $766.4 billionrncompared to $770.0 billion in May and was 13.7 percent above the rate of $674.1rnbillion in June 2014. Non-seasonallyrnadjusted, the month’s expenditures were $68.3 billion and year-to-date spendingrnis 9.1 percent higher than last year; $354.5 billion to $325.0 billion.</p
Privately funded residential construction expenditures were atrnan annual rate of $371.6 billion, a month-over-month increase of 0.4 percentrnand an annual bump of 12.8 percent. Newrnsingle-family construction accounted for $210.9 billion and multi-familyrnconstruction for $51.6 billion of total residential dollars. The increase in new single-familyrnconstruction is the same on an annual basis as residential constructionrnoverall, 12.8 percent, but multi-family construction was up 23.7 percent from arnyear earlier.</p
On a non-adjusted basis private residential spending in Junerntotaled $34.5 billion, up from $32.7 billion the previous month. Single family spending for the two months wasrn$18.9 billion and $18.0 billion respectively while multi-family constructionrnwas $4.5 billion versus $4.2 billion. rnSpending for the first six months of 2015 for all residential constructionrnwas 8.5 percent higher than a year earlier at $173.1 billion whilernsingle-family construction rose 13.6 percent and multi -family spending by 25.6rnpercent.</p
Total construction spending in the public sector rose 1.6rnpercent from May and 8.0 percent year-over-year to $298.2 billion. Residential spending, while still only arnsmall factor in the public sector, is running at an annual rate 29.2 percentrnhigher than a year ago at $6.4 billion. rnThat figure, however, was down 3.8 percent from May. Year-to-date public sector residentialrnspending is up 30.5 percent from the same period last year.
All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.
Leave a Comment
By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...Late-Stage Delinquencies are Surging
Aug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...Published by the Federal Reserve Bank of San Francisco
It was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...