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Free AccessMNI DATA ANALYSIS: US August Construction Up 0.1%>
--Private Residential Spending -0.7%; Nonresidential -0.2%
--Public Construction Spending +2.0%
By Shikha Dave and Harrison Clarke
WASHINGTON (MNI) - Construction spending rose by 0.1% in August,
below the 0.5% gain expected, as residential construction saw declines
but nonresidential construction saw gains. Nonresidential rose by 0.7%
compared to a residential construction decline of -0.7%, data released
by the Commerce Department Monday morning showed.
Analysts surveyed by MNI had expected total construction spending
to rise by 0.5% after a gain of 0.1% in July. July was revised up to
0.2%, June construction was revised up to -0.7%, while May was unrevised
at +0.7%.
--PRIVATE BUILDING DECLINES
Private residential construction fell by 0.7% in the month,
following a 0.2% gain in July. Home building ex. new homes, also known
as remodeling, saw a 0.6% decline, according to an MNI calculation.
Also based on an MNI calculation, total new homes fell by 0.8%.
Single-family building was down 0.7%, and multi-family building posted a
1.7% decline.
In addition to the decline in private residential, private
nonresidential construction fell by 0.2% in August, driving the decline
in total private construction. The main drivers of the category were
decreases in commercial (-0.9%), power (-1.3%), and manufacturing
(-0.7%).
--PUBLIC CONSTRUCTION SEES GAINS
Following an upward July revision to a 1.7% gain, public
construction spending rose 2.0% in August.
The rise in public construction was driven by a 9.1% gain in
offices, a 3.7% rise in amusement and recreation, and a 4.3% gain in
water supply.
State and local construction rose 1.7% in the month. Federal
construction was also up 5.9%.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$,MAUDR$,MT$$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.