“A record amount of single-family homebuilding plus an uptick in public construction enabled overall construction to stabilize in July despite another drop in private nonresidential building,” said Kenneth D. Simonson, Chief Economist for Associated General Contractors of America (AGC), the nation’s leading construction trade association. Simonson was commenting on the Census Bureau’s release this morning of July data and revised June and May numbers on the value of construction put in place.
“The total value of construction put in place in July, $834 billion seasonally adjusted at annual rate, was level with the upwardly revised June figure and just 1.1% below the July 2001 number. The year-to-date total virtually matched the first seven months of 2001. Nevertheless, most construction other than single-family housing is still in a slump compared to its peak,” Simonson said. “While single-family housing was up by 0.4% for the month and by nearly 5% compared to last July, multi-unit housing has slipped 7% from its high in January. Private nonresidential building construction is off by 2% for the month, 10% for the past three months, and 20% for the past 12. Public construction has been almost flat since March but it is down 7.5% since peaking in February.