8/1/16, "Construction spending falls to one-year low in June," Reuters
spending fell for a third straight month in June as outlays dropped
across the board, suggesting a downward revision to the second-quarter
economic growth estimate published last week.
spending declined 0.6 percent to its lowest level since June 2015 after
an upwardly revised 0.1 percent dip in May, the Commerce Department
said on Monday. Construction outlays were up 0.3 percent from a year
Economists polled by Reuters
had forecast construction spending rising 0.5 percent in June after a
previously reported 0.8 percent drop in May. Their June estimates were
largely based on the government's assumptions for private residential
and nonresidential construction spending in the advance GDP report....
Weak spending on home building
and nonresidential structures, including gas and oil well drilling,
contributed to anemic growth in the last quarter.
construction spending was held down by a 0.6 percent drop in private
construction. Outlays on private residential construction were unchanged
as spending on both single-family and multi-family projects fell.
Private residential construction spending edged up 0.1 percent in May.
Spending on renovations increased in June.
on private nonresidential structures fell 1.3 percent in June, the
biggest decline since December 2015, after rising 0.4 percent in May.
construction spending slipped 0.6 percent in June, dropping for a fourth
straight month. Outlays on state and local government construction
projects, the largest portion of the public sector segment, fell 0.5
percent. That was the fourth consecutive monthly decline. Federal
government construction spending dropped 2.3 percent in June."