Recent Updates

  • US: GDP by Industry (Q1)
  • Canada: Retail Trade (May), CPI (Jun)
  • Thailand: Trade (Jun); China: Loans from Financial Institutions (Jun); Korea: Trade in Goods (Jun); Taiwan: Export Orders (Jun)
  • Turkey: NCI Index (Jul)
  • Turkey: Established & Liquidated (Jun-Press); Morocco: CPI, Public Finance (Jun)
  • Spain: Workers Affected by Layoffs (Apr); Foreign Trade (May)
  • more updates...

Economy in Brief

U.S. Construction Spending Backpedals
by Tom Moeller  August 1, 2013

The value of construction put-in-place declined 0.6% (+3.3% y/y) during June after a revised 1.3% May jump, initially reported as 0.5%. April's increase also was revised up to 1.1% from 0.1%. A 0.3% rise in activity had been expected. Declines in building activity were logged across sectors. The value of public sector building experienced the largest decline and was off 1.1% (-9.3% y/y). The weakest areas were conservation & development, off 8.4% (-12.0% y/y), water supply, down 6.0% (-0.1% y/y) and highways & streets, off 2.8% (-12.4% y/y). Working the other way were health care building, up 3.9% (3.9% y/y) and transportation, up 2.4% (7.4% y/y).

Private sector building activity also showed weakness, posting a 0.4% decline (+9.7% y/y) in June. That reflected a roughly unchanged (18.1% y/y) level of residential building. It  owed to a 3.3% collapse (+40.6% y/y) in multi-family construction and a 0.8% drop (+28.2% y/y) in single-family building. Spending on improvements rose 1.7% (4.4% y/y). Nonresidential building activity declined 0.9% (+1.4% y/y), pulled lower by a 6.6% slump (-0.8% y/y) in education and a 5.6% drop (0.0% y/y) in commercial building. Amusements & recreation building was off 2.5% (+8.5% 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 (%) Jun May Apr Y/Y 2012 2011 2010
Total -0.6 1.3 1.1 3.3 6.4 -1.9 -11.2
  Private -0.4 1.8 1.7 9.7 11.8 0.2 -15.2
    Residential -0.0 2.8 1.3 18.1 8.8 1.9 -2.9
    Nonresidential -0.9 0.6 2.2 1.4 14.3 -1.4 -24.0
  Public -1.1 0.1 -0.5 -9.3 -2.9 -5.4 -3.6
close
large image