It should come as no surprise that the latest construction data proves the construction market is still in the doldrums. What may shock some electrical execs is that according to Department of Commerce data many key construction market segments are still down double digits below 2009, which was in itself a historically bad year.
Construction spending during June 2010 was estimated at a seasonally adjusted annual rate of $836 billion, 0.1 percent above the revised May estimate of $834.8 billion, according to the U.S. Department of Commerce. The June figure is 7.9 percent below the June 2009 estimate of $907.7 billion. During the first six months of this year, construction spending amounted to $389.6 billion, 11.2 percent below the $438.7 billion for the same period in 2009.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $527.6 billion, 0.6 percent below the revised May estimate of $530.9 billion. Residential construction was at a seasonally adjusted annual rate of $258.3 billion in June, 0.8 percent below the revised May estimate of $260.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $269.3 billion in June, 0.5 percent below the revised May estimate of $270.6 billion. Office and commercial construction are particularly soft, running -30.5 percent and -24.9 percent, respectively, when compared to June 2009.
Public construction. In June, the estimated seasonally adjusted annual rate of public construction spending was $308.4 billion, 1.5 percent above the revised May estimate of $303.9 billion. Educational construction was at a seasonally adjusted annual rate of $71 billion, 3.2 percent below the revised May estimate of $73.4 billion.