US construction spending declines 0.7% in June

US construction spending declines 0.7% in June

Wednesday, August 05, 2020

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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.

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