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Economy in Brief

U.S. Construction Spending Stabilizes
by Tom Moeller  July 02, 2012

The value of construction put-in-place rose 0.9% during May following a 0.6% April increase. Consensus expectations had been for a 0.2% rise and data back to January 2010 were revised. Private sector spending jumped 1.6% (13.1% y/y) after a 1.3% April increase. Residential building continued to recover strongly and jumped 3.0% (7.5% y/y). Single-family construction increased 1.8% (14.8% y/y) and multi-family building rose 6.3% (50.3% y/y). The value of spending on improvements surged 3.6% (-3.4% y/y). In the public sector, building activity slipped 0.4% (-3.9% y/y). Spending on highways & streets, which is 29% of total public construction spending, fell 0.5% (+1.6% y/y) while office building declined 4.9% (-11.4% y/y). Educational building activity dropped 3.0% (-7.1% y/y) while transportation ticked up 0.5% (-6.5% y/y).

The construction spending figures are in Haver's USECON database and the expectations figure is contained in the AS1REPNA database.




Construction Put in Place (%) May Apr Mar Y/Y 2011 2010 2009
Total 0.9 0.6 -0.3 7.0 -3.1 -11.2 -15.3
 Private 1.6 1.3 0.0 13.1 -1.1 -15.2 -22.4
  Residential 3.0 1.7 -1.3 7.5 -1.0 -2.9 -29.9
  Nonresidential 0.4 0.9 1.2 18.6 -1.3 -24.0 -16.0
 Public -0.4 -0.9 -1.1 -3.9 -6.4 -3.6 2.1
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