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Wednesday, August 12, 2020 7:34:18 AM EDT

Construction Spending Updated 03-Aug-20 10:53AM ET

Total construction spending declined 0.7% m/m in June ( consensus +1.3%) on the heels of an upwardly revised 1.7% decline (from -2.1%) in May.

Total private construction spending was down 0.7% and total public construction spending was also down 0.7%.

Total residential spending was down 1.4% while total nonresidential spending decreased 0.2%.

The decline in private construction spending was driven by a 1.5% decline in residential spending, which was paced by a 3.6% decline in new single-family construction. Nonresidential spending rose 0.2% m/m, aided by a 1.7% increase in manufacturing spending.

The decline in public spending was driven by a 0.8% decline in nonresidential spending, paced by a 2.7% decline in educational spending and a 1.7% decline in highway and street spending.

The key takeaway from the report is that total construction spending was up 0.1% yr/yr despite the adverse effects of the pandemic, bolstered by the strength of nonresidential public construction spending (+5.7% yr/yr).
Nominal (Current) Dollars
Total Construction-0.7%-1.7%-3.4%-0.3%0.2%