Private nonresidential construction spending was virtually unchanged in August, falling just 0.1 percent, according to the Oct. 1 report by the U.S. Census Bureau. However, compared to Aug. 2008, spending is down 10.5 percent.
Total nonresidential construction spending, that includes both private and public, slipped 0.4 percent from July, and is down 4.7 percent from Aug. 2008 to $684.5 billion. In addition, total nonresidential construction spending in June and July were revised downward, from $711 billion to $700 billion in June and from $703.8 billion to $687.6 billion in July.
Among 16 nonresidential construction subsectors, four posted increases in August with the biggest gains registered in manufacturing construction, up 5.1 percent, and conservation and development-related construction, up 2.5 percent. On a year-over-year basis, manufacturing construction is up 30.4 percent and power-related construction is 9.1 percent higher from August 2008.
Those subsectors with the largest losses from July were: water supply construction, down 5.5 percent; amusement and recreation construction, down 5.3 percent; public safety construction, down 3.7 percent; lodging, down 3.4 percent and office construction, down 2.7 percent. Compared to Aug. 2008, lodging is down 36.1 percent, commercial construction is 33.3 lower and office construction is down 22.3 percent.
In contrast, residential construction spending continues to expand, up 4.2 percent in August, but still down 26 percent from one year ago. Overall, total construction spending is up slightly, 0.8 percent at $941.9 billion, but still down from Aug. 2008 levels.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info