AGC: non-residential building keeps industry propped up.Despite a 0.2% dip in the value of construction put in place in November, latest figures from the Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census held some good news for the construction industry. The January 3 report from the Census Bureau showed the value of construction put in place in November totaled $1.184 trillion at a seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. annual rate, down 0.2% from the upwardly revised October total. But according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Ken Simonson, chief economist for the Associated General Contractors Associated General Contractors of America is the nation's oldest and largest trade association representing the construction industry. It was formed in 1918 following a request by President Woodrow Wilson. of America (AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ), there has been no letup let·up n. 1. A reduction in pace, force, or intensity; a slowdown. 2. A temporary stop; a pause. Noun 1. in the torrid pace of private nonresidential spending growth. "Nonresidential spending showed a strong 1.2% gain in November, even after the October figure was revised from a small loss to a 1.1% gain," Simonson observed. "Meanwhile, residential construction spending Construction Spending An economic indicator that measures the amount of spending towards new construction. Released monthly by the U.S. Department of Commerce's Census Bureau, it looks at residential and non-residential construction in the private sector, and state and federal at shrank again in October by 1.6%, bringing the cumulative decline to 11% since peaking last March." Lodging construction--mainly hotels and resorts--jumped 4% in November and was up 71% from the November 2005 level. Electric power construction charged ahead 4% in November and was 18% higher than a year ago. Manufacturing construction had a 1% gain for the month and was 11% ahead of the year-ago level. Health care construction, mainly hospitals, gained 0.4% for the month and 20% compared to November 2005. The diverse commercial sector, with strong gains in multi-retail and warehouse components, tacked on 1% in November and 11% compared to a year ago. "The two major public categories performed well in November," Simonson noted. "Highway and street construction gained 0.4% for the month and 14% compared to November 2005. Education spending climbed 2% for the month and 6.6% from a year earlier. Total public construction rose 1% in November and was up 11% over the November 2005 level." According to Simsonson, a closer look at the private residential totals shows new multi-family construction gained 1% in November and 16% compared to November 2005, while improvements rose 0.6% and 6.7%. However, those numbers were swamped by declines of 3.1% and 20% for new single-family construction. Simonson predicted that, "Energy and power-related construction, hotels, hospitals, and rental housing will all perform well, while single-family and condo construction will sink the totals." |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion