91ÊÓÆµ//August 9, 2016//
Seasonally adjusted construction spending fell for the third month in a row in June, according the Associated General Contractors of America.
The AGC reported $1.134 trillion worth of construction spending in June, which was 0.6 percent lower than the total for May. The trade group said the decline from May to June was likely the result of above-average amounts of spending during the past winter, which was unusually warm in many parts of the country.
Even with the drop in June, AGC officials noted that seasonally adjusted spending from January to June remains 6.2 percent above what it was for the same period last year.
Almost all sectors of the construction industry saw increased spending in the first six months of this year compared with the same period of 2015. Spending on private residential projects increased by 7.8 percent between the two periods. Multi-family residential construction rose by 22 percent and single-family residential by 11 percent.
Spending on private nonresidential projects increased by 7.9 percent. Of individual sectors within private nonresidential, power construction was up 8.2 percent for the first half of the year, manufacturing was up 2.7 percent and commercial construction was up 8.6 percent.
Spending on public projects was up by 1.5 percent between the first five months of 2015 and the first five months of this year. Among individual sectors, gains were seen for highway and street construction (up by 3.9 percent) and educational projects (up by 5.9 percent.)