Nonresidential building construction spending up in June

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nonresidential building construction spending up in june

August 21, 2009 - Jim Haughey

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Jobsite spending on nonresidential building construction rose a nominal 0.1% in June but has generally been stuck at the current level since last December. Current spending is about 3% below the peak level last October. However, the value of starts has plunged sharply since peaking last August so the amount of work underway will continue to shrink. A 7% decline is expected from June 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 25% for manufacturing facilities which expanded through June. Manufacturing construction spending will continue declining into the middle of next year largely due to cutbacks in the construction of energy related facilities.

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

	Monthly Figures* (latest actual values)		Annual Figures
	Monthly Figures* (latest actual values)		Actual		Forecast
	May-09	Jun-09	2007	2008	2009	2010	2011
Lodging (% change is period versus same period, previous year)	29.078	28.196	28.676	35.819	28.240	26.700	29.063
	-23.0%	-25.9%	59.5%	24.9%	-21.2%	-5.5%	8.8%
Office	59.579	60.552	65.195	70.078	60.524	59.800	66.313
	-14.6%	-14.3%	20.4%	7.5%	-13.6%	-1.2%	10.9%
Commercial (mainly retail)	63.133	63.056	89.233	85.097	64.443	67.600	77.725
	-29.0%	-28.2%	16.4%	-4.6%	-24.3%	4.9%	15.0%
Health Care	48.019	49.269	43.725	47.581	48.078	49.775	54.900
	1.8%	3.2%	13.6%	8.8%	1.0%	3.5%	10.3%
Education	108.812	109.050	96.523	103.785	106.283	105.800	112.863
	3.2%	3.3%	13.4%	7.5%	2.4%	-0.5%	6.7%
Religious	6.175	6.383	7.541	7.130	6.485	5.900	6.182
	-12.3%	-6.5%	-2.6%	-5.5%	-9.0%	-9.0%	4.8%
Public Safety	14.390	14.131	10.172	12.931	13.942	12.898	14.145
	13.4%	14.1%	30.4%	27.1%	7.8%	-7.5%	9.7%
Amusement/Recreation	19.590	20.324	21.172	21.486	19.835	20.775	22.738
	-14.0%	-6.0%	11.5%	1.5%	-7.7%	4.7%	9.4%
Manufacturing	84.891	85.639	45.496	61.113	80.945	68.750	64.175
	47.2%	45.4%	29.6%	34.3%	32.5%	-15.1%	-6.7%
Total	433.667	436.600	407.733	445.018	428.775	417.998	448.103
	-3.5%	-2.9%	19.2%	9.1%	-3.7%	-2.5%	7.2%

* 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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