In the U.S. Department of Commerce’s press release detailing construction spending, it appears construction is slowly creeping upwards after a precipitous drop off following the recession. The May 2012 estimate of annual construction spending pegged the seasonally adjusted rate at $830.0 billion, up 0.9% from April’s estimate. At its peak in early 2006, the rate topped off at just over $1.2 trillion, and today’s level is similar to that of a decade ago. Additionally, the total construction spending of $310.4 billion during the first 5 months of the year is 9.4% greater than the $283.8 billion spent for the same period in 2011. With that said, there exists a discrepancy between private and public spending on construction. Private construction spending is up 13.1% from 2011, while spending in the public sector has fallen 3.9%.
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