According to a report from the U.S. Department of Commerce, after four consecutive months of contraction in construction spending, the decline in U.S. construction spending in June was slightly higher than expected, but it was still 0.1% higher than the forecast in June 2019.
It is estimated that the seasonally adjusted construction expenditure in June 2020 was US$1,355 billion, which is 0.7% lower than the revised estimate of US$1,365 billion in May.
The data for June 2020 is 0.1% higher than the estimated $1,354 billion in June 2019.
The U.S. Department of Commerce reported that in the first half of this year, U.S. construction expenditure reached 668 billion U.S. dollars, which was 5% higher than the expected 636 billion U.S. dollars in the same period in 2019.
According to a report by Nasdaq, the market value of the US construction industry was revised to US$1.365 trillion in May, down 1.7%. Economists had expected construction spending to fall by 0.5% in June, compared with the 2.1% decline originally reported last month.
U.S. construction spending reached 6 in the first half of the year
U.S. construction spending reached US$668 billion in the first half of the year, 5% higher than the US$636 billion expected in the same period in 2019
The U.S. construction industry has suffered losses due to work stoppages caused by the new crown epidemic. A report from "Financial & Commerce" stated that as cases in some parts of the United States increase again, there are new concerns about the further decline in the number of housing constructions in the coming months.
The latest report from the U.S. Department of Commerce pointed out that in June, U.S. highway construction spending plummeted by 1.7% to $102.6 billion. Public construction spending in June fell from the revised US$355.8 billion in May to US$353.3 billion in June, a decrease of 0.7%.
At the same time, private construction spending in June was US$1.002 trillion, a decrease of 0.7%, lower than the revised US$1.09 trillion in May.
According to the report, residential construction spending fell by 1.5% in June to US$534.2 billion, of which single-family residential projects fell by 3.6% and multi-family residential construction increased by 3%, offsetting this decline to some extent.
In June, non-residential construction increased by 0.2% from the revised US$466.9 billion in May to US$467.7 billion, mainly due to the increase in hospitals and clinics, production facilities and hotels. Educational construction spending fell by 2.7% to 85.8 billion U.S. dollars.
The first impact of the COVID-19 pandemic on U.S. construction expenditures appeared in March data from the U.S. Census Bureau, which showed that although total expenditures have increased at a seasonally adjusted annual rate of 0.9% since February, from March 2019 This increased by 4.7%, but this increase was mainly concentrated in the turbulent residential improvement sector, which increased by $17 billion (10%) that month
