San Francisco, June 23, 2016 (GLOBE NEWSWIRE) -- Construction spending is a fiscal indicator as it determines the sum of expenditure towards construction. The U.S Department of Commerce’s Census Bureau looks at the residential and non-residential construction spending fields such as private, federal, and state. Also, the bureau releases survey every month based on the calculation of the total dollar value of construction work.
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During the survey, the value of monthly construction supplies is estimated. It is further proceeded by calculating the of the overall dollar value of construction work completed in each month. This survey also analyzes the novel improvements or structures to existing structures of the public and private zone. In the quarter ending December 31, construction spending attained notable revenue. In addition, it was said to be the remarkable expansion from the year ago when it was valued at 5.8%, positively affecting the construction spending market.
The survey can also display pent-up demand. As said above the survey significantly emphasizes on both the private segment but also public segment construction results demonstrating the spending demand. Construction spending was predicted to increase by around 1.5% to $1.14 trillion in the past. This was owing to the escalation of both the aforementioned sectors. Although, public construction market exceeded up to 4.5% to the greatest level after September 2010. Also, spending on the local and state government projects was valued at the highest, boosting the construction spending market.
Currently, the segment escalated to 4.4%. In addition, federal government construction spending surpassed 5.8%. When compared to 12 months ago, the spending has reached 8% with growth in residential sector above 7% as stated by U.S Department of Commerce’s Census Bureau. The non-residential sector grew up to 8.3%. Additionally, Lodging is said to be the rapid growing component with 27.7% climb.
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The manufacturing sector is expected to rise on account of elevated demand for autos. Auto sales in the U.S surpassed at substantial market revenue. Based on GCC regions, the construction spending market can be split into UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman.
Table of Contents
PART 01: Executive summary
PART 02: Scope of the report
- Market overview
- Top-vendor offerings
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PART 03: Market research methodology
- Research methodology
- Economic indicators
PART 04: Introduction
- Key market highlights
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