Skip to main content

Construction Spending Down Again

Phil Hall
Aug 02, 2016
Construction spending fell for the third consecutive month in June, according to data from the Associated General Contractors of America, a construction industry trade group

Construction spending fell for the third consecutive month in June, according to data from the Associated General Contractors of America, a construction industry trade group.

Construction spending in June totaled $1.134 trillion at a seasonally adjusted annual rate, which was 0.6 percent lower than the May total. However, spending saw a year-to-date increase of 6.2 percent for January through June.

In the housing sector, single-family spending fell 0.4 percent from May to June but rose 11 percent year-to-date while private residential spending was virtually unchanged for the second month in a row and 7.8 percent higher year-to-date. Spending on multifamily residential construction declined 1.5 percent for the month but took a 22 percent increase when measured on a year-to-date basis. Commercial construction—consisting of retail, warehouse and agriculture—declined 1.6 percent in June but climbed 8.6 percent year-to-date.

“The drop in construction spending over the past three months is probably more a reflection of the very strong gains posted early in the year than of cooling demand for construction,” said Ken Simonson, the association’s chief economist. “Nearly every major segment had first-half gains of more than five percent compared with a year ago. Contractors, surveys and the media all continue to report plenty of projects are starting or will soon.”

Published
Aug 02, 2016
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021