Nonresidential building construction spending steady in April

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nonresidential building construction spending steady in april

June 09, 2009 - Jim Haughey

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Jobsite spending on nonresidential building construction fell a nominal 0.1% in April after increasing for two months. Current spending is about 3% below the peak level last October. However, the value of starts has plunged nearly 50% since peaking last August so the amount of work underway will continue to shrink. A 6-7% decline is expected from April to yearend.

The decline to yearend will be 3% for commercial buildings which have experienced the most decline so far, 5% for institutional buildings which have had very marginal decline so far and 17% for manufacturing facilities which expanded through April and may increase slightly more. The recent surge in manufacturing is largely for completing in energy facilities begun when energy prices were higher. Manufacturing facility starts have been declining for many months.

U.S. Nonresidential Construction
(billions of U.S. current dollars)

	Monthly Figures* (latest actual values)		Annual Figures
	Monthly Figures* (latest actual values)		Actual			Forecast
	Mar-09	Apr-09	2006	2007	2008	2009	2010
Lodging (% change is period versus same period, previous year)	32.116	32.879	17.984	28.602	36.668	31.270	30.875
	-6.8%	-9.4%	40.1%	59.0%	28.2%	-14.7%	-1.3%
Office	64.545	63.576	54.170	64.702	72.077	62.901	61.725
	-9.7%	-10.8%	18.1%	19.4%	11.4%	-12.7%	-1.9%
Commercial (mainly retail)	70.484	68.660	76.673	88.478	85.478	68.992	72.525
	-21.9%	-24.4%	9.1%	15.4%	-3.4%	-19.3%	5.1%
Health Care	47.407	47.271	38.489	42.904	46.360	45.917	47.350
	4.0%	3.8%	11.8%	11.5%	8.1%	-1.0%	3.1%
Education	108.895	106.752	85.081	96.085	103.899	104.772	105.625
	6.3%	3.4%	6.9%	12.9%	8.1%	0.8%	0.8%
Religious	6.587	6.609	7.746	7.454	7.077	6.343	5.892
	-5.2%	-6.3%	0.0%	-3.8%	-5.1%	-10.4%	-7.1%
Public Safety	13.283	13.408	7.800	9.869	12.530	12.928	12.110
	12.2%	13.0%	7.1%	26.5%	27.0%	3.2%	-6.3%
Amusement/Recreation	21.002	20.908	18.990	21.610	22.819	20.085	20.775
	-9.6%	-10.0%	24.4%	13.8%	5.6%	-12.0%	3.4%
Manufacturing	86.113	89.424	35.113	42.538	63.579	81.393	68.750
	67.2%	70.3%	17.0%	21.1%	49.5%	28.0%	-15.5%
Total	450.432	449.487	342.045	402.242	450.487	434.600	425.628
	2.9%	1.7%	12.8%	17.6%	12.0%	-3.5%	-2.1%

* Monthly figures are seasonally adjusted at annual rates (SAAR figures).
Actuals: U.S. Census Bureau (Department of Commerce) (put-in-place investment figures).
Forecasts and table: Reed Construction Data.

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