CommerceDepartment figures released yesterday point to strengthening home building asthe driver for a slight overall increase of 0.4% in construction spending inJune. May’s gain in overall construction spending was also revised upward to1.6%. While employment in the construction sector of the U. S. economy stilllags painfully behind many other recovering parts of the American economy, anysigns of returning health in the construction sector are encouraging.
Overallconstruction spending now sits at a seasonally adjusted annual rate of $842.1billion, up 12.9% from the February 2011 twelve year low. Nevertheless, currentlevels are only about half of what economists say is needed for healthy growthin construction. June’s overall construction numbers were driven upward by a1.3% increase in housing construction, to an annual rate of $256.6 billion.Private nonresidential construction rose only 0.1% to $302.3 billion, withspending on office and hotel construction going up while shipping centerconstruction declined.
Overallgovernment construction spending is flat at $274.2 billion annually, withfederal spending down 1.6% while state and local construction layouts are up aslight 0.2%. Though these numbers don’t signal any resounding strength in aconstruction industry recovery, in today’s struggling economy, any uptick iswelcome.
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