US construction spending rises
Source: Agencies |
August 2, 2011, Tuesday
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Print Edition
Print Edition
UNITED States builders began work on more office buildings, shopping centers and hotels in June, pushing construction spending higher for a third straight month. But even with the gains, activity remains at depressed levels.
Construction spending rose 0.2 percent in June to a seasonally adjusted annual rate of US$772.3 billion, the US Commerce Department reported yesterday. That put overall spending just 1.2 percent higher than the 11-year low hit in March. It is just half of the US$1.5 trillion pace considered healthy by most economists.
In June, residential construction declined, reflecting a big drop in apartment construction, and spending on government building projects also fell. But private nonresidential activity rose to the highest level since late 2010.
Analysts believe it could be another four years before construction returns to healthy levels as the effects of a severe recession and collapse in home building linger.
In June, private residential construction dropped 0.3 percent to a seasonally adjusted US$235.8 billion with a 0.3 percent rise in single-family home building offset by a 2.8 percent drop in the apartment sector.
The 1.8 percent rise in nonresidential construction pushed this sector to US$257.7 billion, the highest level since December with a number of commercial projects, including hotels, office buildings and shopping centers all showing gains.
Government building projects fell 0.7 percent to an annual rate of US$278.9 billion, the lowest level since March 2007. Budget cuts at the state and local levels have led to a sharp drop in government spending.
Construction spending rose 0.2 percent in June to a seasonally adjusted annual rate of US$772.3 billion, the US Commerce Department reported yesterday. That put overall spending just 1.2 percent higher than the 11-year low hit in March. It is just half of the US$1.5 trillion pace considered healthy by most economists.
In June, residential construction declined, reflecting a big drop in apartment construction, and spending on government building projects also fell. But private nonresidential activity rose to the highest level since late 2010.
Analysts believe it could be another four years before construction returns to healthy levels as the effects of a severe recession and collapse in home building linger.
In June, private residential construction dropped 0.3 percent to a seasonally adjusted US$235.8 billion with a 0.3 percent rise in single-family home building offset by a 2.8 percent drop in the apartment sector.
The 1.8 percent rise in nonresidential construction pushed this sector to US$257.7 billion, the highest level since December with a number of commercial projects, including hotels, office buildings and shopping centers all showing gains.
Government building projects fell 0.7 percent to an annual rate of US$278.9 billion, the lowest level since March 2007. Budget cuts at the state and local levels have led to a sharp drop in government spending.
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