Construction spending up 7 percent
| July 19, 2012 |
Total residential and nonresidential construction spending in the United States increased 0.9 percent from April to May and is 7 percent higher from one year ago, according to the July 2 construction spending report from the U.S. Census Bureau. Nonresidential construction was unchanged in May from the previous month, totaling $562.3 billion.
Among the eight of sixteen construction subsectors registering gains from April to May were conservation and development, up 8.9 percent; manufacturing, up 3.4 percent; commercial, up 1.5 percent; health care, up 1.4 percent; power, up 0.7 percent; public safety, up 0.7 percent; transportation, up 0.6 percent; and lodging, up 0.2 percent.
The construction sectors experiencing declines from April to May included religious, down 8.2 percent; educational, down 3 percent; office, down 1.5 percent; waste disposal, down 1.5 percent; water supply, down 1.4 percent; highway and street, down 0.5 percent; communication, down 0.2 percent; and amusement and recreation, down 0.1 percent.
Residential construction spending was up 2.9 percent for the month of May and is up 6.2 percent compared to one year ago.
To view the previous spending report, click here.
(Information provided by Associated Builders and Contractors)