ABC’s analysis of data released by the U.S. Census Bureau showed a 1.7% drop in nonresidential construction spending in July. So reports Building Design + Construction.
At a seasonally adjusted $688.4B, this drop represents the lowest spending since 2015. Spending declines were across public and private sector construction.
According to ABC Chief Economist Anirban Basu, the overall picture of nonresidential performance is “muddied” because May and June nonresidential construction was adjusted upward to a collective $11B and hiring in this sector was significant among specialty trade, heavy and civil engineering firms, suggesting growth despite the trend indicated by the analysis.
Basu goes points to the importance of a variety of data points, not one analysis, to be considered for the complete picture of growth versus decline in the sector.