US construction spending declines 0.7% in June

Business

US construction spending declines 0.7% in June

Wednesday, August 05, 2020

Print this page Email A Friend!


SILVER SPRING, Maryland (AP) — US construction spending fell again in June, the fourth-straight decline as the novel coronavirus outbreak continues to wreak havoc on the economy.

Spending on US construction projects fell 0.7 per cent in June as both home building and non-residential activity declined, the Commerce Department said on Monday. Private and government spending on construction also declined by the same 0.7 per cent figure.

The construction industry has been hammered by shutdowns forced by the novel coronavirus pandemic. As cases rise again in some parts of the country, there are concerns about further building declines in coming months.

Analysts had expected a turnaround in spending in June, as many parts of the country reopened, but it did not happen. May's number, however, was revised upward.

Home building in June fell 1.5 per cent, dragged down by a 3.6 per cent drop in single-family home projects. That was somewhat offset by a three per cent rise in multi-family home building.

Non-residential construction rose 0.2 per cent, led by increases in hospitals and clinics, manufacturing facilities and hotels.


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaper-login


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT