Although homeownership numbers across the country have been stagnant, the construction industry continues to keep chugging along.
According to a report by the Associated General Contractors of America, construction spending in the month of June recorded the highest year-over-year growth since 2006. The total amount spent in June was $1.065 trillion at a seasonally adjusted rated, a figure that is 12 percent higher than in June 2014. Additionally, the June total was the highest level since July 2008.
According to the report, spending rose in June from a year ago in all major construction categories including private nonresidential, residential and public. Private nonresidential spending rose 15 percent from a year earlier while private residential was up 13 percent from June 2014. Public construction spending also saw an increase, up 8 percent from 12 months earlier. Below, we’ve broken down some of those numbers even more:
- Manufacturing Construction Spending: Up 62 percent
- Amusement and Recreation Spending: Up 48 percent
- Lodging Spending: Up 42 percent
- Private Office Spending: Up 27 percent
- Private Multi-Family Spending: Up 24 percent
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