According to the US Census Bureau of the Department of Commerce, estimated construction spending in June 2014 (US$950.2 billion, seasonally adjusted annual rate) was around 5.5% higher than in June 2013 (US$900.3 billion). However, the figure is approximately 1.8% lower than in May 2014.
Private construction spending came in at US$685.5 billion at a seasonally adjusted annual rate. This is 1% below May 2014’s revised estimate of US$692 billion. Residential and nonresidential construction spending declined by 0.3% m/m and 1.6% m/m, respectively.
Compared to the revised May estimate of US$275.7 billion, spending on public construction fell by 4% to US$264.7 billion in June. Both spending on educational construction (US$59.7 billion) and highway construction (US$75.3 billion) were lower than the revised May 2014 figures.
In 1H14, construction spending increased by 7.8% y/y.
The ONS has released construction output figures for June 2014 and 2Q14. Output grew by an estimated 1.2% m/m in June, with new work and repair and maintenance rising by 0.9% and 1.6%, respectively. Compared to June 2013, construction output increased by 5.3%. New work was up 5.4% y/y and repair and maintenance grew by 5% y/y.
The ONS notes that the preliminary estimate for GDP, released on 25 July 2014, estimated that construction output contracted by 0.5%. This figure has now been revised to an estimated 0.0%.
Construction output improved by an estimated 4.8% in 2Q14 when compared to 2Q13. However, there no growth was recorded from 1Q14.
Edited from various sources by Louise Fordham
Read the article online at: https://www.worldcement.com/the-americas/08082014/uk-construction-output-usa-construction-spending-in-june-14-260/