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Economy in Brief

U.S. Construction Spending Ticks Higher
by Tom Moeller  August 1, 2012

The value of construction put-in-place rose an expected 0.4% during June following a 1.6% May increase, initially reported as 0.9%. Private sector spending gained 0.7% (13.1% y/y) after a 2.1% May rise. Residential building continued to recover strongly and increased 1.3% (12.1% y/y). Single-family construction increased 3.0% (18.6% y/y) and multi-family building rose 3.4% (48.8% y/y). The value of spending on improvements fell 0.8% (-3.4% y/y) following two months of strong increase.

In the public sector, building activity remained weak and was unchanged m/m (-3.7% y/y). Spending on highways & streets, which is 29% of total public construction spending, rose 1.5% (4.0% y/y) but office building declined 1.8% (-12.7% y/y). Educational building activity dropped 1.4% (-5.8% y/y) while transportation increased 3.7% (0.2% y/y).

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

Just Released: Housing Checkup - Has the Market Finally Bottomed Out? from the Federal Reserve Bank of New York can be found here.

Construction Put in Place (%) Jun May Apr Y/Y 2011 2010 2009
Total 0.4 1.6 0.9 7.0 -3.1 -11.2 -15.3
 Private 0.7 2.1 1.4 13.1 -1.1 -15.2 -22.4
  Residential 1.3 3.1 1.9 12.1 -1.0 -2.9 -29.9
  Nonresidential 0.1 1.3 1.0 14.0 -1.3 -24.0 -16.0
 Public 0.0 0.5 -0.1 -3.7 -6.4 -3.6 2.1
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