Coatings Industry News

Main News Page


December Construction Spending Shows Overall Increase

Wednesday, February 3, 2021

Comment | More

Construction spending in December varied drastically according to an analysis from the Associated General Contractors of America. The month saw downturns in almost every private category, but saw double-digit increases in residential construction. The stats underscore trends that have been shown throughout the COVID-19 pandemic.

“Private nonresidential construction has declined for six months in a row, and the slide is accelerating,” said Ken Simonson, the association’s chief economist. “While some categories of public construction have held up so far, state and local budget problems are likely to drive a downturn in public project starts in the next few months.”

ktsimage / Getty Images

Construction spending in December varied drastically according to an analysis from the Associated General Contractors of America. The month saw downturns in almost every private category, but saw double-digit increases in residential construction. The stats underscore trends that have been shown throughout the COVID-19 pandemic.

Construction spending in December totaled $1.49 trillion at a seasonally adjusted annual rate, which was an increase of 1% from November and 5.7% higher than in December 2019. However, the gains were limited to residential construction, which rose 3.1% for the month and 20.7% year-over-year. Meanwhile, nonresidential spending fell 0.8% from November and 4.8% year over year.

Other nonresidential spending numbers include:

  • power construction fell 10.8% year-over-year;
  • commercial construction slipped 1.4% year-over-year;
  • manufacturing construction tumbled 17.6% from a year;
  • office construction declined 3.3% year-over-year; and
  • healthcare construction fell 8.7% from the year before.

Some marginal increases were noted in other areas, however, including:

  • Public construction spending increased 3% year-over-year;
  • highway and street construction rose 3.9% from a year earlier; and
  • educational construction increased 4.5% year-over-year.

The big numbers, as what has been trending, were seen in private residential construction with an increase of 20.7% year over year. Single-family homebuilding rose 23.8% and multifamily construction climbed 17.8%.

The AGC is again calling for Congress and the new Biden administration to enact new recovery measures.

December Employment Numbers

While the spending statistics were just released, employment numbers for December were analyzed last month, with the group finding that construction employment as a whole increased by 51,000 jobs in December, with gains for both the residential and nonresidential industries.

The surveys also showed, however, growing pessimism for what 2021 will bring.

“December’s employment gains likely reflect milder weather than usual for the month rather than sustained demand for projects,” said Simonson at the time. “In fact, our survey found contractors expect the volume of work is likely to decline for nearly all nonresidential project types, and most firms have experienced project cancellations or postponements.”

Construction employment came in at 7.41 million in December, an increase of .7% over November. The number remains about 3% behind the most recent peak last February.

   

Tagged categories: Associated General Contractors (AGC); COVID-19; Economy; Good Technical Practice; Market data; NA; North America; Spending

Comment Join the Conversation:

Sign in to our community to add your comments.


Advertisements
 
Sauereisen, Inc.

 
Axxiom Manufacturing

 
KTA-Tator, Inc. - Corporate Office

 
Abrasives Inc.

 
 
 

Technology Publishing Co., 1501 Reedsdale Street, Suite 2008, Pittsburgh, PA 15233

TEL 1-412-431-8300  • FAX  1-412-431-5428  •  EMAIL webmaster@paintsquare.com


The Technology Publishing Network

PaintSquare the Journal of Protective Coatings & Linings Paint BidTracker

 
EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
MORE:      About PaintSquare.com   |   Privacy Policy   |   Terms & Conditions   |   Support   |   Site Map   |   Search   |   Contact Us
 
 
国产野外无码理论片在线观看_国产在线精品亚洲二区_国产无套视频在线观看