Trends in U.S. construction, 1997 to 2001

Trends in U.S. construction, 1997 to 2001

In 1997, the value of new construction put in place will be about $585 billion, which would be an all-time record. Adjusted for inflation it would be a decline of about 1 percent from its 1996 level. The homebuilding sector will account for the entire decline, as an increase in mortgage interest rates other factors. Private nonresidential construction will continue at 1996 levels. Public works construction will increase slightly from 1996, because of increasing Federal Government investment in infrastructure. In addition, shipments of manufactured housing (mobile homes) will increase a further 3 percent, to the highest level in two decades.

Global Construction Trends

The United States is one of the leading construction markets in the world, employing 7.2 million Americans and accounting for about 7 percent of the GDP. Nevertheless, about 80 percent of the world’s construction activity is outside of the United States. Enterprising American construction and engineering firms have been successful competitors in the international contracting business, although most of their overseas construction is done by foreign affiliates using local labor rather than by cross-border exports of U.S. services.

The big emerging countries of the Pacific Rim comprise the most booming construction market in the world. However, South America and Europe are also large markets for international contractors, and U.S. exporters have a NAFTA advantage in Canada and Mexico. Although there are substantial difficulties for U.S. firms entering foreign markets, U.S. companies have stepped up their efforts during the 1990s. In 1995 American-based design firms received $5 billion in international billings, while general contractors won $20 billion in foreign contracts.

U.S. exports of construction services, as measured on a cross-border transactions basis, were about $2.6 billion in 1995. The actual value of contracts won by American-owned companies was much larger about $25 billion. The difference is chiefly because cross-border transactions exclude most construction done by foreign affiliates, foreign subcontractors, and foreign labor forces. Legal U.S. imports of construction services were about $0.3 billion, giving the United States a large balance-of-trade surplus in construction services. Most of the U.S. exports of construction services are actually management services, engineering know-how, and specialized technology.

U.S. Construction in 1996

In 1996 the inflation-adjusted value of new construction put in place increased by 3 percent from the near-record level of 1995. (The 1996 current-dollar value of about $570 billion was an all-time record.) This performance was the result of a 7 percent increase in the number of housing starts, to 1.45 million units. The increase in homebuilding was accompanied by small increases in nonresidential construction. In addition, 370,000 manufactured (mobile) homes were shipped, more than double the 1991 level. Public works construction increased 1 percent, led by increases in school construction. Private nonresidential construction increased modestly, with telecommunications, hotels, and electric utilities accounting for most of the gain. (See Table 1).

Table 1: Value of New Construction Put in Place, 1994-2001

(in billions of 1992 dollars except as noted)

Type of Construction 1994 1995 1996 1997 2001

TOTAL NEW CONSTRUCTION 487.9 486.6 502.1 497.8 547.9

Residential 217.9 207.4 216.9 210.0 246.0

Single-family 140.4 127.1 134.7 128.0 156.2

Multi-family 12.8 15.7 17.0 16.1 17.8

Home Improvement 64.7 64.6 65.2 65.9 72.0

Private Nonresidential 150.1 155.6 160.2 161.0 167.4

Manufacturing facilities 26.8 28.9 26.9 27.4 31.2

Office 20.6 22.6 21.7 21.9 21.7

Hotels & Motels 4.3 6.4 9.6 9.6 10.6

Other Commercial 34.8 37.8 39.7 37.7 35.9

Religious 3.6 3.9 3.9 4.0 3.9

Educational 4.5 4.9 5.3 5.6 5.8

Hospital & Institutional 11.4 10.0 10.0 10.2 11.6

Misc. buildings 5.6 5.3 6.4 6.6 6.4

Telecommunications 9.8 9.8 10.3 10.8 11.9

Railroads 3.2 3.0 3.1 3.1 3.1

Electric utilities 13.9 11.8 12.2 12.6 14.1

Gas utilities 4.9 4.7 4.8 5.1 4.8

Petroleum pipelines 0.9 0.8 0.8 0.8 0.8

Farm structures 3.0 3.1 3.2 3.2 3.2

Misc. structures 2.8 2.6 2.5 2.3 2.5

Public Works 119.9 123.6 125.0 126.8 134.5

Housing & redevelopment 4.8 5.4 4.9 5.1 4.9

Federal industrial 1.4 1.4 1.3 1.3 1.3

Educational 21.7 22.9 24.3 25.7 26.8

Hospital 3.7 3.9 4.1 4.1 4.3

Other public buildings 18.4 19.8 20.4 21.2 22.5

Highways 36.5 34.9 34.9 34.6 36.7

Military facilities 2.2 2.7 2.7 2.5 2.3

Conservation & development 6.0 5.8 5.2 4.8 4.7

Sewer systems 9.5 9.9 10.1 9.7 11.1

Water supply 4.9 5.4 5.6 5.8 6.5

Misc. public structures 10.8 11.5 11.5 12.1 13.3

Percent Change (annual rate)

Type of Construction 95-96 96-97 96-2001

TOTAL NEW CONSTRUCTION 3 -1 2

Residential 5 -3 3

Single-family 6 -5 3

Multi-family 8 -5 1

Home Improvement 1 1 2

Private Nonresidential 3 0 1

Manufacturing facilities -7 2 3

Office -4 1 0

Hotels & Motels 50 0 2

Other Commercial 5 -5 -2

Religious 0 2 *

Educational 8 6 2

Hospital & Institutional 0 2 3

Misc. buildings 20 3 *

Telecommunications 5 5 3

Railroads 2 2 *

Electric utilities 3 4 3

Gas utilities 3 5 *

Petroleum pipelines 0 0 *

Farm structures 2 2 *

Misc. structures -5 -5 *

Public Works 1 1 1

Housing & redevelopment -10 4 *

Federal industrial -5 0 *

Educational 6 6 2

Hospital 5 0 1

Other public buildings 3 4 2

Highways 0 -1 1

Military facilities 0 -9 -3

Conservation & development -10 -8 -2

Sewer systems 2 -4 2

Water supply 4 3 3

Misc. public structures 0 5 3

In addition to market factors, the U.S. construction industry will face a number of supply-side challenges during the next five years. including foreign competition, the supply of workers, and the cost of insurance. Most of the foreign construction contractors competing in the U.S. market are extremely well-financed and often possess construction expertise equal or superior to that of most U.S. builders. The supply of young workers (who make up most of the construction labor force) is fairly tight because of economic and demographic trends. In 1996 there were labor shortages in some local markets. but most of these shortages were eased by migration from labor surplus areas. As the economic recovery continues, shortages of labor and skills could become more general problems. The cost of liability insurance has stabilized for the time being, but the cost of health insurance and worker’s compensation insurance has continued to increase. – Patrick MacAuley, Office of Metals, Materials, and Chemicals, (202) 482-0132.

PRIVATE RESIDENTIAL CONSTRUCTION

In 1996 homebuilding expenditures increased about 3 percent, in real terms, from the near-record levels of 1996. Both the single and multi-family unit categories gained 7 percent, while home improvement rose one percent.

Housing starts are expected to total 1.35 million units in 1997, a 7 percent decline from the 1.45 million starts in 1996. The interest rate sensitive single-unit market will likely record a 6 percent drop to 1.02 million units, while the multi-family market is expected to see starts plummet 8 percent to .33 million units. This is partially in response to higher vacancy rates and better financial returns from other investments. It should be noted that while housing starts data does not include manufactured homes (mobile homes built to the HUD standard), it does include panelized and modular units which are built to local or state-wide factory built building codes.

Expenditures for residential upkeep and improvements in 1995 totaled $112.6 billion, down from $115 billion in 1994. This followed a 6.2 percent increase in 1994. These expenditures in 1996 and 1997 are believed to have to risen about 2 percent and 3 percent respectively. Improvements over the last few years have averaged about 60 percent of all such expenditures, leaving maintenance and repair with the remainder.

Manufacture housing (mobile homes) shipments have risen rapidly since 1991. The annual shipment increases in the period 1992-1994 were 20 percent or more and in 1995 and 1996 were double digit. The 171,000 units shipped in 1991 had doubled by 1995 to 340,000. Shipments in 1996 were about 370,000 and in 1997 are expected to total about 385,000.

The value of wood prefabricated home (SIC 2452) products shipments in 1996 reached an all-time high of $3.2 billion, a 7% increase over 1995. Shipments steadily declined in value from 1987 to 1991, before re-bounding in 1992. The 1996 level has not seen by the industrialized housing industry since the mid-1980s. In 1997, the industrialized housing industry’s shipments will increase to $3.3 billion. Modular and panel housing manufacturers produce approximately 11 – 13% of the single family housing starts. While total housing starts will increase in 1997, the industrialized housing sector’s share of the total housing market should continue to increase as builders acknowledge the cost advantages of offering the prefabricated house as an option, or by including increasing quantities of prefabricated components in the site-built houses. Furthermore, the stigma that was once attached to living in a prefabricated house has now been greatly lessened as new manufacturing techniques now make external differences hard to detect.

Outlook for 1997

New housing starts are expected to total 1.35 million units in 1997, a small decline from the 1.45 million in 1996. Single family units should total about 1.02 million, while the multi-unit segment is forecast to decline about 7 percent to .33 million units. Home improvement expenditures are expected to rise about 1 percent.

Interest rates should be slightly higher in 1997, depressing the otherwise stable demand in the single family sector. Other factors affecting this sector are the modest growth expected in GDP and consumer income, the lure of other investment options, the slowed growth in homeowner equity in the 1990’s, the heavy debt load of consumers, the large inventory of unsold homes, and the availability of construction loans to contractors and mortgage funds to homebuyers.

Multifamily construction activity will feel the affects of high vacancy rates and other higher return options available to investors. There will be some increased demand in market areas with high population and economic growth.

Spending for residential upkeep and improvements is expected to increase about 1 percent in 1997. Repair expenditures will likely rise faster than the 2 percent expected for improvements. This expected gain will be largely the result of solid sales of new and existing homes over the last few years. (More than half of all improvements occur within 18 months after a new owner moves in, or within 12 months before a home is sold.) In addition the moderately strong economy will allow more homeowners to better maintain and improve their homes.

Sales of manufactured housing are expected to continue to increase in 1997, although the rate of increase will be less than that experienced over the last few years. About a 3 percent rise is expected in the volume of shipments. Favorable employment patterns and interest rates as well as the popularity of these units for retirement living will increase demand.

In 1997, the industry shipments of the prefabricated wood home industry is expected to increase to $3.3. billion as the continuing upward spiral of on-site building costs are expected to increase the attractiveness of the industrialized housing product resulting in an increased penetration of the total housing industry. These factors will lead to industrialized housing capturing an increasing share of the total housing market.

Outlook to 2001

Annual housing starts for the period 1996-2001 will probably average about 1.35 to 1.4 million units. While total housing starts will likely decline slightly on an annualized basis, the single family segment will likely total about the 1996 level in 2001, while multifamily construction will be less. Home improvement and repair work will continue to increase at about the same rate as the GDP.

Demographic factors will restrain the demand for new single-family housing in the last half of the decade. Because of the “baby bust” that occurred in the United States between 1965 and 1976, declining numbers of young adults are entering the 25-to-45 year age group, the prime home buying age. The demographic factors for apartment construction have improved somewhat because the 18-to-25 age group will be increasing, as will the over-65 population.

Financial factors affecting the demand for housing are less certain. Interest rates are expected to decline slightly over the next 5 years, steadily improving the affordability of home ownership. On the other hand, low inflation rates are likely to result in the slower build-up of homeowners’ equity, which will limit the ability to trade-up to newer and larger housing. The slower rise in housing prices is also likely to further reduce the investment appeal of home ownership, especially for more expensive homes. Still, the record capital gains that are being made by stock market investors may lead them to purchase more luxurious housing. The net effect of these mixed trends will be to support modest homebuilding growth through the beginning of the next century.

Home improvement and repair construction will continue to grow faster than new home construction. Much of this demand will result from homeowners adding rooms and amenities. In addition, the stock of housing is steadily growing larger and older, thus providing a growing base demand for home improvement and repair construction.

The manufactured home sector is expected to continue to grow, but at a lower rate than in the 1992-96 period. An average annual increase from 1997 to 2001 of about 2.5 percent is anticipated with one or two annual decreases in response to general economic downturns, especially those affecting the market areas where such units are most popular.

Continued growth is also expected for the wood prefab industry into the next century, with home builders continuing to use more prefab components and complete home packages. A growth of about 2 to 3 percent a year is expected in shipments of this industry through the year 2002, reflecting growth over a period when overall new housing is expected to show little if any real growth. – C. B. Pitcher and Pat Cosslett, Office of Metals, Materials, and Chemicals, (202) 482-0385 and (202) 482-0135.

PRIVATE NONRESIDENTIAL CONSTRUCTION

In 1997, the value of new private nonresidential construction is expected to be $187 billion, of which $149 billion is for buildings, and $38 billion is for other structures. In constant 1992 dollars the total was about the same as in 1996. (See Table 1.) The largest increases will be for manufacturing plants, electric utilities, and telecommunications.

Private nonresidential construction includes all the buildings and other structures owned by American businesses and non-profit organizations, except for housing and mining. This includes manufacturing plants, office buildings. stores. hotels, hospitals. nursing homes, farm buildings, electric power plants, gas pipelines, telephone and electric lines; churches, railroads, private schools, and more. (See Table 1 for detailed statistics.)

Although demand for each of the above categories of construction are influenced by macroeconomic variables such as interest rates and GDP growth, each one has a unique set of factors and circumstances that influence demand. For example, store construction is heavily influenced by the trend toward “big box” stores rather than traditional malls and neighborhood centers. Hospital construction is impacted by corporate cost-cutting and by health care legislation. Manufacturing plant demand is influenced by capacity utilization rates as well as by international competitiveness factors.

Changing global trade patterns will continue to have major effects on private nonresidential construction, especially because of improving telecommunications, the NAFTA, the GATT Uruguay Round, and the modernization of the Pacific Rim economies. Although the U.S. trade deficit in goods has probably reduced the level of industrial construction, the trade surplus in services has probably increased the demand for office buildings and telecommunications.

In addition to the $187 billion in new construction put in place, at least $120 billion is spent on nonresidential remodeling, repair, and other construction improvements. Statistics on this type of construction are very poor, and the estimates shown in Table 2 are incomplete. Spending for repair and improvements to nonresidential structures are believed to be growing faster than new construction.

Outlook for 1997

New private nonresidential construction will remain at current high levels as the economic expansion continues for its sixth year. The largest construction increases in 1997 are expected to be in private educational buildings, gas and electric utilities, and telecommunications. The outlook is weaker for hotels and other commercial construction.

In 1997 business investment in plant and equipment is expected to increase further. Although construction of manufacturing facilities and utility plants is expected to share in this increase, most of the investment will be in capital equipment rather than in buildings and other structures. Investments in equipment tend to be cost-saving measures. and are less risky than new industrial plants.

One of the results of the stock market boom is that real estate investment trusts (REITs) are becoming important funding sources for nonresidential construction. REITS are not directly responsible for large amounts of new construction. but indirectly they are important–by buying existing buildings from developers they enable these developers to undertake new buildings. These companies will be major sources of construction demand in 1997 and beyond as they channel large amounts of equity into commercial real estate.

Outlook to 2001

Total private nonresidential construction is likely to increase moderately over the next five years, a little slower than growth in GDP of about 2 percent. Prospects look best for industrial, utility, and hospital construction. The repair and renovation market will grow about as fast as the new construction market during the next five years, and will be less cyclical.

Modernizing the capital stock of the U.S. private sector will provide strong underlying demand for new construction as well as for repair and renovations. The gross replacement value of the private nonresidential structures that existed in 1995 was estimated at $4.965 billion. The volume of construction needed to replace these existing structures-in addition to providing new structures need for economic growth–is enormous.

By 2001 private nonresidential construction will have recovered to its record 1990 levels. but spending on factories, utilities, and hospitals will account for a much larger share of the total, and commercial construction will be a substantially lower proportion. Although the office building market has partly recovered, a dramatic building boom is unlikely this century. Currently. existing commercial buildings can often be purchased for less than the cost of construction. The surge in construction of “big box” stores appears to have passed its peak. However, store construction may receive another boost if the “megadealer” concept in automobile sales becomes more widespread.

Nonresidential repair and renovation markets will probably continue to grow in 1998 and for the next five years. Electric utilities in particular are likely to increase their maintenance and repair expenditures substantially. Investment in nonresidential building improvements will remain at high levels. as owners of commercial buildings strive to keep their buildings attractive in the competitive rental markets. A side-effect of the turmoil in the retailing industry will be massive remodeling of existing stores. (See Table 2).

In addition to economic factors the demand for commercial buildings is already effected by business management practices such as downsizing, temporary work forces, and inventory control techniques. Also, the location and type of commercial construction is increasingly influenced by technological developments that foster telecommuting, electronic shopping, home offices, teleconferencing, and globalization of information services. Over the next 5 years these technologies may effect commercial construction demand as much as economic factors. Patrick MacAuley, Office of Metals, Materials, and Chemicals, (202) 482-0132.

PUBLICLY OWNED CONSTRUCTION

In 1997 the total value of publicly owned construction in current dollars will be about $150 billion, of which $42 billion is for highways and bridges and $30 billion is for educational buildings. The constant-dollar value of publicly owned construction put in place will be about I percent greater than in 1996. Most categories of public construction will increase or remain near current levels, except conservation and development, and military facilities, and sewerage systems. (See Table 1).

Public works construction set an all-time record in 1996, although in per capita terms it is below the level reached in 1968. This category of construction will remain at high levels to prevent deterioration of U.S. infrastructure quality and to accommodate population growth, movements by the population, and economic development. The condition of infrastructure is not only a quality-of-life issue, but it also is an important factor in U.S. productivity and international competitiveness. In particular, the vast U.S. highway network helps U.S. industrial productivity by allowing faster and cheaper transportation of products. Other types of infrastructure, such as airports, schools, waterworks, prisons, and mass transit also contribute to the productivity of the U.S.

One of the most important variables affecting public works construction over the next 5 years will be renewal of the Federal-aid Highways program, which expires in 1997. The legislation renewing this program will not only set the budget levels for this program, but will contain policy directives on how the funds should be spent. The previous six-year authorization, known as the Intermodal Surface Transportation Efficiency Act of 1991 (ISTEA), set the direction for highway and mass transit construction through the mid-1990’s. ISTEA authorized increased levels of funding, totaling $155 billion over six years, and reoriented the huge Federal-aid Highways program. Mass transit construction gained proportionally more from ISTEA than highway construction. The proportion of funding for repair and reconstruction also gained at the expense of new construction. States now have much more spending discretion with Federal grants-in-aid, and much of the funding that formerly would have been restricted to the 43,000-mile interstate highway system can be spent on other parts of the 155,000-mile national highway system.

Outlook for 1997

Despite the tight Federal budget situation, Federal construction spending programs will increase in 1997. This was due to the high level of obligations incurred during FY 1996. (Because of lags in approvals and construction, most obligations do not result in construction put in place for a year or more.)

State and local governments will also increase their total construction spending during 1997. This is the result of greater Federal grants. the recovering economy, and the need to curtail the backlog of deferred projects. Most categories of public works construction will increase, especially education, water and sewer, and public safety.

The overall value of publicly owned construction, adjusted for inflation, will increase modestly in 1997. On a level-of-government basis, Federal spending for public works construction will increase by 3 percent faster than inflation, while state and local government spending will keep up with inflation, in the aggregate. The largest increases are expected in federal industrial facilities, prisons, and water supply systems. The biggest declines will be in military facilities, conservation and development, and sewerage construction.

Outlook to 2001

Public works construction will increase modestly during the next 5 years, assuming moderate economic growth and gradually declining interest rates. Federal construction spending will level off after 1998, unless there are major new infrastructure initiatives. The increases in new construction obligations for 1996 and 1997 will be felt mostly from 1997 to 1998. The long-range Federal budget agreement will necessitate cuts in most spending programs in order to reach a balanced budget. Since the $56.6 billion in Federal construction spending accounts for only 2 percent of the total Federal budget, it is not certain how this amount would be affected although the presumption would be for spending cuts. Fortunately, if the economy performs as predicted, lower interest rates and growing tax revenues will enable state and local funding for public works to remain at high levels.

As in the private sector, government maintenance and repair spending will probably increase at least as fast as new construction spending because the public works infrastructure is steadily becoming older and larger. While increased maintenance and repair expenditures will provide work for certain types of contractors, this will often consume funds that could have been spent on new construction.

Highway construction is likely to be the largest and most reliable public works market through the rest of the century. However, further increases will be small unless it is decided to draw down the Highway Trust Fund. The Federal-aid Highways program will need re-authorization during 1997, at which time there could be support for higher gasoline taxes to pay for needed improvements to roadway infrastructure. Water resources and marine construction are scheduled to increase, but may become victims of deficit reduction measures. Water and sewer construction will remain at high levels, but will not increase much. Construction of schools and other public buildings may also increase. Military construction and Federal industrial construction will probably decline as measured by new construction put in place, but environmental restoration funded by these programs will remain at high levels. – Patrick MacAuley, Office of Metals, Materials, and Chemicals, (202) 482-0132.

Additional References

(Call the Bureau of the Census at (301) 457-1242 for information about how to order Census documents.)

Census of Construction, 1992, Bureau of the Census, U.S. Department of Commerce, Washington, DC 20233. Telephone: (301) 457-1242.

Housing Starts (Construction Reports, Series C-20), Bureau of the Census, U.S. Department of Commerce, Washington, DC 20233. Telephone: (301) 457-4666.

Value of New Construction Put in Place (Construction Reports, Series C-30), Bureau of the Census, U.S. Department of Commerce, Washington, DC 20233. Telephone: (301) 457-1605.

Expenditures for Nonresidential Improvements and Upkeep, 1992, Bureau of the Census, U.S. Department of Commerce. Washington, D.C. 20233. Telephone: (301) 457-1605.

Construction Review (quarterly), International Trade Administration, Room H4045, U.S. Department of Commerce, Washington, DC 20230. Telephone: (202) 482-0132.

America’s Infrastructure: Effects of Construction Spending, Associated General Contractors, 1957 E St. NW, Washington, DC 20006. Telephone: (202) 393-2040.

Cahners Building & Construction Market Forecast (monthly), Cahners Publishing Co., 275 Washington, St., Newton, MA 02158-1630. Telephone: (617) 630-2105.

Dodge/Sweet’s Construction Outlook, McGraw-Hill Information Systems Company, 1221 Avenue of the Americas, New York, NY 10020.

Engineering News-Record (weekly), McGraw-Hill Publishing Co., 1221 Avenue of the Americas, New York, NY 10020. Telephone: (212) 512-4634.

Infrastructure: Investing in Our Future, Portland Cement Association, 54 Old Orchard Rd., Skokie, IL 60077. Telephone: (708) 966-6200.

Manufacturing Report (monthly), Manufactured Housing Institute, 2101 Wilson Blvd., Arlington, VA 22201-3062, (703) 558-0400.

Quick Facts (annual), Manufactured Housing Institute, 2101 Wilson Bldv., Arlington, VA 22201-3062, (703) 558-0400.

1996 Year-end Report (annual), National Association of Home Builders, Building Systems Councils, 1201 15th St., NW, Washington, DC 20005, (202) 822-0576.

Automated Builder (monthly), P.O. Box 120, Carpinteria, CA 93014, (805) 684-7659.

APPENDIX: Outlook for Detailed Categories

Single Family Homebuilding

Annual housing starts for the period 1997-2001 will probably average about 1.35 to 1.4 million units. While total housing starts will likely decline slightly on an annualized basis, the single family segment will likely total about the 1996 level in 2001, while multifamily construction will be less. Home improvement and repair work will continue to increase at about the same rate as the GDP.

Among the major factors affecting the single-family housing market in the 1990’s have been generally affordable interest rates, modest economic growth, slower growth in homeowners’ equity, and changing demographic patterns. The investment appeal of home ownership has been reduced with the slowdown in real estate value growth.

Whereas first-time buyers and trade-up buyers make up most of the demand for new homes, the role of retirement and other specialized housing is also significant. Retirement housing is becoming a much greater factor in this market, with the units usually smaller and having special design features for seniors. Many of these units are being built outside metropolitan areas.

New housing competes with housing resales and manufactured home sales in the single family market. In addition to family incomes and consumer confidence, affordability remains the key consideration affecting decisions to buy or rent. Among the key factors affecting affordability are mortgage interest rates, funds availability, and the variety of mortgage options.

About 90 percent of new single family houses are detached. The median sales price of single family units have continued to rise with the 1996 level at about $ 140,000. The size of new single family homes has slowly been increasing over the years and now averages over 2,100 square feet. New one-family units also are characterized by greater inclusion by more amenities, which include units with central air conditioning, 2-1/2 or more bathrooms. fireplaces, 2 or more garages, full basements, fireplaces, and 3 or more bedrooms.

Multiunit Homebuilding

Multifamily housing starts hit a cyclical peak in 1996 in response to the easing of lenders’ restrictions and increasing interest by investors. This was part of an overall surge in commercial real estate. Increasing vacancy rates and better alternate investment opportunities are expected to slow this market beginning in 1997. Although the level of new multifamily construction rose modestly in 1996, this segment of housing continues to be at historically low levels. The .33 million units in 1997 compares to annual totals in the mid-1980’s that were twice as large.

Multiunit housing is characterized as having two or more dwelling units. They are usually either townhouse structures or apartment units. Rentals make up about 80 percent of multiunit housing, and most such units are in structures of 5 or more dwelling units. In 1997. multiunit housing will account for 24 percent of all new private housing starts. compared to about 38 percent in 1985.

Among the major factors that influence the levels of new multiunit housing construction are existing tax laws, demographics, the financial strength or weakness of the real estate and lending institution sectors, and various regulatory requirements such as handicapped accessibility. Another factor supporting greater multiunit construction is the aging of the population. Expected lower property appreciation might also encourage many to rent rather than buy, as would any changes in tax laws affecting mortgage interest deductions (some flat tax proposals.). General affordability problems and growing uncertainty among workers would also tend to discourage home buying.

Alterations, Repairs, Additions

This category encompasses spending for maintenance and repairs as well as improvements to existing residential structures. Included in maintenance and repair are projects such as painting, appliance replacement parts and repair, and roof repairs. The improvements category involves additions to structures and major replacements to the structures and other property. Examples of improvements include major exterior and interior structure changes, fences, and replacing furnaces and water heaters. For do-it-yourself work, the cost of materials and parts are included in the data, but the labor cost element is not.

Expenditures for this work have increased most years in the 1990’s. Spending for home improvement and repairs tends to be less volatile than new construction and the growth has been somewhat greater over the long term. Maintenance and repairs continue to account for the bulk of spending for rental properties, while improvements account for the greater share of spending on owner-occupied units.

Manufactured Homes (SIC 2451)

The level of manufactured home shipments is very sensitive to economic developments. A wide range of factors affect the market for these housing units, with affordability being particularly important. These units cost about half as much per square foot as site-built housing and often include basic furnishings. Another advantage is that manufactured housing can be put in place and occupied very quickly. They have also become more like site-built housing in appearance.

Over the years standards have changed to improve the safety and quality of the units and financing similar to that available for conventional housing is offered. Design alternatives (including computer aided design) offer buyers a broad range of designs, features, and materials. The trend toward the production of larger and more multisection manufactured housing units continues. Over 50 percent of total manufactured home shipments are now multi-wide. On the negative side. manufactured housing still faces some serious zoning restrictions and continues to experience some image problems.

The popularity of manufactured housing varies regionally. Shipments in South Atlantic states accounted for 30 percent of total U.S. shipments while the East South Central and West South Central area each accounted for 17 percent. The East North Central had 11 percent and the Mountain states 9 percent of shipments, West North Central 6 percent, Pacific 5 percent. The Middle Atlantic and New England states had 4 percent and I percent, respectively. Most units are sold through retailers (manufactured home dealers) but some are sold directly to developers, mainly multisection units.

A few years ago about 70 percent of new manufactured homes were placed on leased land (manufactured home parks/communities), today about 50 percent are placed on land owned by the unit owner. Because of the zoning and other regulatory problems most are located in small towns and rural areas. Units used in urban markets are usually located around the fringes of metropolitan areas, on leased land in zoned parks.

The construction and installation of these units are controlled by the Department of Housing and Urban Development’s National Manufactured Housing Standard, the only national building code in the United States. Excluded from this category are factory-built units made to either state or local building codes, that are usually referred to as panelized or modular prefabs. Manufactured housing units are shipped as single-section units or as single-wide sections of multisection structures. Most are built for housing purposes but some are made for light commercial use. such as offices, clinics, or classrooms.

All wooden houses built today in the United States contain some prefabricated components such as roof trusses, floor trusses, pre-hung doors, windows, etc. The “site-built” or “stick-built” housing industry has long realized that utilizing ready-made components for selected parts of the house results in a significant saving of time and money in overall construction. Almost all prefabricated wooden structures are used for residential applications, however, they are also frequently used for light commercial applications such as portable schools and temporary medical facilities. Prefabricated wooden structures houses are assembled from components that are manufactured in an enclosed central production facility. The assembled structures are either fabricated in the factory into an almost-complete module (a modular house) or the components are transported for assembly to the construction site (panelized, pre-cut or log homes).

Modular structures are the most sophisticated and complete of all types of prefabricated buildings, being about 95% complete when they leave the factory, complete with interior and exterior walls, wiring, plumbing, insulation, windows/doors, kitchen/bathroom appliances/fixtures, heating and cooling equipment, water heater and all other mechanical items. The entire “set-up” process usually takes only a few hours and all finish work on the building is completed in less than two weeks.

Panelized buildings are the most popular type of prefabricated structure for both domestic and international sales because of ease of transportation via containers. Design flexibility, cost reduction advantages, and improvements in quality control are just some of the advantages of using this system for both housing and light commercial applications. Wall panels, some including doors and windows, are ready for assembly immediately after delivery to the building site. Addition of the roof and completion of the building exterior takes only a few days.

The Pre-Cut building is the most basic type of manufactured structure requiring the least amount of factory fabrication. All of the wooden structural members of a building are pre-cut at the factory with each component numbered or coded to “key” it to a set of assembly instructions or blueprints. The structural members, plus all of the other materials needed to build a structure–such as sheathing, siding, roofing, windows, doors, etc., are then shipped to the customers building site. Manufacturers also produce factory-made Log Home kits and the Dome or Geodesic form that encloses the greatest amount of volume with the least amount of surface area.

Historically, both modular and panel companies have been privately held. Successful panel companies have either established themselves as suppliers in a particular local or regional market, or have achieved a prominence in a niche market, i.e., post and beam, high end pre-cut, etc. The modular industry, once comprised of small companies with one or two facilities, is finding even smaller companies building multiple plants and becoming multi-regional. Large corporations are also buying up privately held plants and much of the industry is finding itself moving toward large corporate structured management.

Several consumer trends seem to be emerging in the industrialized housing industry. First, modular and panel manufacturers are bowing to the demand of the 90’s to provide customer service. The recipient of this service is currently most often the “builder customer,” but as more modular companies start retail sales centers, the trend will extend to the home buyer. Second, both modular and panel manufacturers recognize that their survival depends upon the ability to deliver a cost effective product. Third, manufacturers must consistently deliver a product of exceptional design and technical quality. To overcome the stigma of “prefab” prejudice, the industrialized product has to duplicate and usually exceed the perceived and actual design quality found in the site built product.

Regionally, this housing segment mirrors residential building trends. Except for the Northeast, most areas are enjoying significant growth where the scarcity and high cost of skilled on-site labor are evident. The Western and Pacific Coastal markets, accounting for less than 3% of the industrial housing market, are still the major exception due to relatively low cost on-site construction costs and the longer or uninterrupted building seasons.

New building products, especially engineered wood products, are sure to further the growth of both the modular and product lines. As more engineered wood construction materials are developed, these materials are being constantly tested and evaluated in the factory situation under conditions that can not be duplicated by sitebuilding, i.e.. the lifting and transporting of building components. Engineered finger-jointed studs, laminated beams, I-joists, and machine stress-rated lumber all help stabilize the cost of wood framing, which is heavily dependent on lumber price fluctuations and availability, while providing consistent quality. Older engineered wood products are being improved and replaced constantly as products like OSB are proving to be more reliable and less costly than conventional plywood. This new product usage is proof that home-building in a factory can satisfy the need for wood framed homes and address today’s consumer desire to buy environmentally friendly and energy efficient products.

International sales account for a relatively small percentage of total shipments of the U.S. prefabricated housing industry. In 1996, export sales reached $78 million, up almost 7 percent over the $73.1 million 1995, with Canada, Israel, Japan. Korea, and Mexico being the major recipients. Exports are expected to increase further in 1997 to $81 million. Imports of prefabricated houses historically have been small, accounting for less than one percent of the U.S. demand, with Canada supplying 75-80 percent of the total. This pattern of imports is not expected to change significantly in the future.

Manufacturing Facilities

Manufacturing companies are placing numerous orders for new buildings to increase capacity, replace old buildings, and adjust to changing conditions. The inflation-adjusted value of industrial construction put in place is expected to increase in 1997. after several mediocre years. The long-term rate of increase may be slower than in most previous expansions because of concern over global competition and slower economic growth.

Changing global trade patterns will continue to have major effects on industrial construction. If the $170 billion trade deficit in manufactured goods were eliminated, the demand for industrial construction could increase by $3.5 billion annually. Regardless of the overall trade balance. those U.S. industries that are expected to gain from increased trade will probably need to invest heavily in new capacity.

The need to modernize the capital stock of U.S. manufacturers will provide strong underlying demand for new construction as well as for repair and renovations. Even though 75% of plant and equipment expenditures are for equipment rather than structures, the construction potential is huge. The gross replacement value of the manufacturing plant (excluding equipment) that existed in 1995 was estimated at $1,065 billion.

Although the long-term outlook for industrial construction is subject to many uncertainties, it is likely to be one of the stronger construction markets during the next five years. Because the U.S. economy and U.S. exports are expected to grow during the period. the economic climate should be moderately favorable for industrial construction. Strong common stock prices and fairly low interest rates will make it easier to finance industrial expansion. Negative factors include continued uncertainty about the economy, regulatory burdens, and heavy debt loads of many companies.

Office Buildings

In 1997 the value of office construction was about the same as in 1996, and was 57 percent below its 1985 record. Small gains are expected in 1998 and beyond for both new construction and office renovation.

There is also increasing investor interest in office construction because of financial and regulatory factors. Long term interest rates are much lower than they were at the same stage of the previous building cycle. In addition, lending institutions have gradually eased restrictions on commercial real estate loans. The value of new real estate loans has surged and commercial construction has reached its best levels of the 1990s.

Although the office supply/demand situation has steadily improved, the office construction market remains burdened with fairly high vacancy rates, slower growth in white-collar employment, and technology trends favoring substitution of home offices for office buildings. In many office markets prime office buildings are for sale at prices below the cost of construction. Nevertheless, a sizeable amount of office construction will continue because of easier loan conditions and strength in a small number of cities and market niches. During the 1997 to 2001 period, growth in white-collar employment is likely to remain low because of demographic reasons, tight labor markets, and corporate cost cutting. This trend which will tend to keep vacancy rates high at the current rates of construction. In addition, the trend toward telecommuting is gaining momentum, as the as the improving cost and availability of technology makes it feasible for more workers to work at home.

The office renovation business has fared better than new office construction in recent years. In some markets expenditures for office renovation are probably greater than new office construction put in place. Much of the growth in this market segment is the result of over-building during the 1980s, which compelled owners to upgrade their older buildings to retain tenants. Although expenditures for office remodeling are likely to remain at high levels, the era of rapid growth is largely over because of market maturation.

Hotels and Other Commercial Buildings

Although hotel construction is usually a small category of construction, it has been booming in the mid 1990s. The 1997 value of hotel construction was more than double the 1994 value. Many gambling casinos are classified as hotels in the construction statistics, and much of the current boom is attributable to this factor. Nevada ranks first among the 50 states in number of hotel rooms and value of hotel construction. In addition, travelers’ demand for lodging has increased, although after 1997 the level of construction will be about in line with the underlying demand for hotel lodging. It’s a 50-50 bet that the casino-building boom will last through 1997.

The construction category of “other commercial buildings” consists of all commercial buildings except office buildings and hotels, and includes warehouses, grain elevators, shopping centers, parking garages, banks, fast-food restaurants, and gasoline stations. In recent years, shopping centers have accounted for about half of the value of construction work in this category, and warehouses for about one-fourth.

The store construction value put in place has remained high despite the financial woes of many established retail chains, and despite weak gains in retail spending. Much of the current strength in store construction is in “big box” stores and centers. Big box stores are non-mall discount stores or large stores which carry a narrow category of products (such as electronics, building supplies, or pet supplies) in depth at discount prices. Another important segment consists of “neighborhood” shopping centers close to new housing subdivisions. The dip in the level of housing starts expected in 1997, along with higher interest rates, should affect neighborhood shopping centers in 1997.

Although the boom in big box store construction has waned, this type of construction will be a major component of commercial construction for the next 5 years. The softness in consumer spending is now affecting even the most successful discounters, and some of them are suffering from growing pains as well. A potential growth area in retailing could be automobile “megadealers”, with high-tech showrooms selling used cars and multiple brands of new cars.

Construction of service stations and auto repair garages will remain at high levels in 1997. The auto service business has benefitted from the increasing complexity of automobiles and the increasing proportion of older cars that need more maintenance. Although the number of gasoline stations has declined sharply over the past three decades, most of the remaining stations are investing large amounts in construction to become high-volume sales outlets, convenience shops, fast food outlets, or specialized service stations. According to economic and demographic forecasts for the next five years, there will be further increases in the number of vehicle-miles driven and in the demand for auto service and repair.

Private Electric Utilities

This category of construction includes new power plants, transmission lines, pollution control facilities, conversion of existing power plants from oil and gas to coal, and modernization of existing power plants and other buildings. This category does not include government owned facilities or power plants owned by manufacturers.

The electric utility industry is experiencing a moderate construction boom as demand for electricity approaches capacity in many regions. This trend should continue in 1998 and through 2001. The rate of gain over the long term will be strongly affected by interest rates and demand for electricity, with new construction gaining at about the same rate as the GDP and repair construction at a faster rate.

Although the industry enjoys good growth in the demand for electricity, competition has increased because of the National Energy Policy Act of 1992 and actions by certain state utility commissions. This has resulted in less construction by the regulated utility companies, but more construction on behalf of congeneration projects, non-regulated power generators, and municipal supplies. There will probably be a quickening in the pace of new power plant starts, but utilities are unlikely to order large numbers new power plants. Instead, the emphasis will be on energy conservation, expansion of existing facilities, and heavier use of existing capacity.

Expenditures for the maintenance and repair of electric utility systems have grown rapidly and are almost as large as new utility construction spending. Maintenance and repair expenditures will continue to grow rapidly through the 1990s, as the average age of operating power plants increases and as operations become more complex.

Hospital and Institutional

This category includes hospitals, outpatient clinics, nursing homes, convalescent homes, orphanages, and similar institutions for prolonged care. (Buildings that are primarily used as doctors’ offices are classified as office buildings.) About 70 percent of the value of this construction is for hospitals and clinics; the remaining 30 percent is for nursing homes and similar facilities. A noteworthy feature of hospital and institutional construction is that 70 percent of the value is for additions and modernization at existing facilities, while only 30 percent is for new facilities. About 75 percent of this construction is for privately owned facilities, and 25 percent for publicly owned facilities.

Construction of health care facilities has slowed in recent years. in part reflecting uncertainty about health care financing. In 1997, hospital construction will probably resume its long-term upward trend, and between 1998 and 2001, health care will probably be one of the faster-growing construction markets.

In recent years the health care sector has been impacted by many of the down-sizing and cost-cutting trends that have affected the rest of the U.S. economy. A short-term result has been a decline in new hospital construction. This decline is likely to be brief and mild, as was the case in the mid-eighties, during a different round of cost containment. The Maternity and Mental Health Insurance Coverage Act of 1996 will increase hospital demand slightly over the next several years, which will further reduce the impact of cost-cutting measures.

Aside from health care financing, the most important factor in the longer term outlook for hospital and institutional construction is the rapid increase in the number of elderly Americans. People over 65 average about six times as much hospitalization, per capita, as persons under 65. Nearly 90 percent of the 1.8 million Americans in nursing homes are 65 or older.

Nursing home construction is likely to increase even faster than overall health care construction, because it is focused on the most rapidly growing segment of the population. Between 1981 and 1991 the nation’s nursing home population grew by 20 percent, and demographic projections indicate it may grow even more during the next ten years.

Additional factors that will support health care construction are the increasing use of new sophisticated medical treatments, the prospect of further increases in Federally mandated health insurance coverage, the need for additional clinics for drug addicts, the increasing number of AIDS patients, and the need to modernize in order to attract paying patients and scarce health care personnel. Negative factors in an otherwise bullish outlook include the poor fiscal condition of hospitals with large proportions of charity patients, the declining proportion of workers with employer-paid health insurance, and aggressive cost reduction on the part of major insurance payers. Publicly owned hospitals are less able to cope with these negative factors, so their construction is expected to lag behind that of privately owned hospitals.

Transportation Infrastructure

New road and bridge construction has been at record levels in the mid-1990’s, and is expected to remain at high levels in 1997. Expenditures for highway maintenance and repair have also increased, partly at the expense of new construction.

For the rest of the century, highway construction expenditures will probably continue to increase to prevent a decline in the condition of the nation’s highway infrastructure. The outlook is unclear at this time because the huge Federal-aid Highways program, will expire in 1997. Although it will probably be renewed. the size and scope of the renewed program are impossible to predict. Any sustained increase in Federal funds would require an increase in Federal motor fuel taxes. but the large balance in the Highway Trust Fund could accommodate a short-term surge in expenditures. Although total state government spending on road construction has increased only slightly faster than the inflation rate, several states have committed themselves to massive road building programs.

About 25 percent of the value of highway construction put in place consists of bridges, overpasses, and tunnels. while flatwork (primarily roads) accounts for the remaining 75 percent. Bridge work is expected to grow faster than flatwork during the next several years because of the need to replace obsolete or unsafe bridges with new bridges for the twenty-first century. According to the Federal Highway Administration’s latest estimate, 23 percent of the highway bridges in the United States are structurally deficient, and an additional 21 percent are functionally or structurally obsolete.

Highway maintenance and repair expenditures have grown during the past two decades as the road network has become larger and older. In 1997, the current-dollar cost of highway maintenance and repair will be about $31 billion, compared with $41 billion in new highway construction put in place. While some of this work was routine maintenance such as mowing grass, much of it was typical construction activity such as repaving roads and painting bridges. Highway maintenance and repair expenditures will probably grow more rapidly than new construction over the next decade (Table 2).

Mass transit construction declined slightly in 1996, but is expected to increase in 1997 because of Federal financial support. The outlook for mass transit construction is heavily dependent upon the renewal of the Federal-aid Highways program, which was discussed earlier. Of the $155 billion in ISTEA funds that was authorized from 1992 through 1997, $35 billion were earmarked for mass transit projects. In addition a large share of the discretionary Federal transportation grants were being diverted from highways to mass transit because of air pollution concerns and local development policies.

Airport construction has gained dramatically in the past decade in response to the large increases in air travel. Federal Government spending for airport construction is expected to decline by more than 5 percent in 1997, while local investments in airports will remain at high levels. In the longer term overall airport construction spending will level off or even decrease until more domestic airlines improve their financial performance.

Water and Sewer Systems

Water supply construction is expected to increase in 1997, while sewerage construction may decline slightly. Both of these construction categories did well in the mid-1990s, reflecting high levels of building construction as well as work on long-deferred projects.

In the longer term, waterworks will probably be one of the more rapidly growing categories of public construction. The aqueduct systems of most older cities are so ancient that extensive replacement work must be done each year. For the United States as a whole, the current level of construction is much less than that needed to replace the waterworks every 50 years, which is recommended practice. Most water utilities are in a good position to raise the capital needed, so a steady increase in replacement construction is likely for the rest of the century. The Safe Drinking Water Act requires numerous upgrades and replacements of water supply facilities. The Water Resources Act has expanded the role of the Federal Government in municipal water supply and appears to have facilitated increased Federal funding for water supply construction.

After 1997 sewerage construction will probably recover, although it will likely increase at a slower rate than the overall economy Federal spending may not keep up with inflation, but the state and local share will steadily increase. A growing market factor is the need to repair, modernize, and replace the sewage treatment plants that were built during the boom of the 1970s. The relatively modest but sustained recovery in building construction will also support sewerage construction, because developers have increasingly been expected to pay for infrastructure.

Solid waste disposal facilities, including those for resource recovery, are a small but rapidly growing construction market. Resource recovery facilities are increasingly common because of improved efficiency, rising land prices, and environmental objections to landfills.

Educational Buildings

New construction expenditures for schools, libraries, and museums will increase 6 percent in 1997. Further increases are expected in 1998 and beyond. About 70 percent of the spending was for primary and secondary schools, while colleges and other higher education facilities accounted for an additional 25 percent. More than 80 percent of educational construction expenditures were for publicly owned buildings; the rest went for privately owned buildings.

The school construction boom, which began in the late ] 980s, is encountering the budget problems of state and local governments. The underlying demand for school construction is very strong,based on the record number of school age Americans. the need to replace dilapidated schools. and population expansion into underbuilt areas. The net result of these conflicting pressures will be for school construction to remain at high levels with slow growth rates.

Conservation and Development

This construction category includes water resources development and protection expenditures, as well as the electric power construction programs of the Federal Government. Federal expenditures account for about 70 percent of conservation and development construction. Three Federal agencies the Corps of Engineers. the Bureau of Reclamation, and the Tennessee Valley Authority (TVA) spend most of the Federal funds for this purpose. (State and local government-owned electric power plants are classified under miscellaneous construction.)

Conservation and development construction declined in 1996 and further declines are expected in 1997 because of cuts in water resources programs and TVA power plant construction. Federal budget constraints are expected to result in declining investment in conservation and development over the next 5 years. Although State and local governments have increased their investment spending for conservation and development. they still account for less than a third of this type of construction.

Federal Industrial Construction

This category consists of Federally owned manufacturing, assembling, and processing buildings and related facilities. More than 60 percent of this construction is funded through one Department of Energy program Atomic Energy Defense Activities. Most of the construction for this program is related to weapons R&D and production. atomic waste isolation and reprocessing and environmental cleanup Another large segment of Federal industrial construction is for energy R&D facilities.

Although Federal Industrial programs are under severe budget pressure, this pressure has actually increased construction spending for these programs because of the need for environmental cleanup of defunct facilities Much of this environmental restoration is not conventional construction, but construction contractors are accounting for a large share of this work. The Federal budget calls for cuts of at least 5 percent in industrial construction spending in 1997, but it also provides for increases in the following years.

Table 4 – Private Housing Starts by Type of House, 1980 – 2001

(Thousand of Units)

Period Total Single-Unit Structure

Housing Starts Total Detached Townhouses

One-Unit Houses (1)

1980 1,292 852 774 78

1981 1,084 705 628 77

1982 1,063 663 577 86

1983 1,703 1,068 897 171

1984 1,750 1,085 875 210

1985 1,745 1,075 905 170

1986 1,807 1,179 1,013 166

1987 1,623 1,146 1,004 142

1988 1,488 1,081 968 113

1989 1,376 1,003 916 87

1990 1,193 895 832 63

1991 1,014 840 789 51

1992 1,200 1,030 958 72

1993 1,288 1,126 95 1,031

1994 1,457 1,198 1,091 107

1995 1,354 1,076 972 104

1996 E 1,450 1,090

1997 F 1,350 1,020

2001 F 1,400 1,070

Period Multiunit Structures

Total 2-4 Unit Townhouses Apartment

Multiunit Structures Style Apt.’s Units (2)

1980 440 110 45 285

1981 379 91 39 249

1982 400 80 27 293

1983 635 113 44 478

1984 665 121 40 504

1985 670 93 53 524

1986 628 84 52 492

1987 477 65 35 377

1988 407 59 30 318

1989 373 55 31 287

1990 298 38 20 240

1991 174 36 12 126

1992 170 31 14 125

1993 162 29 12 120

1994 259 35 19 204

1995 278 34 13 231

1996 E 360

1997 F 330

2001 F 330

(2) Beginning in 1992, Nonhousekeeping classified as nonresidential.

Table D6 – Construction Expenditures by State and Local Governments

(Millions of Dollars)

Fiscal Year 1991

State Total

State and State Local

Local Governments Governments

Governments

United States 96,654 37,647 59,006

Alabama 1,194 527 667

Alaska 547 281 267

Arizona 2,166 614 1,552

Arkansas 441 258 183

California 9,907 2,283 7,624

Colorado 1,429 465 964

Connecticut 1,779 1,147 632

Delaware 347 284 98

District of

Columbia 503 **** 503

Florida 6,573 1,484 5,089

Georgia 2,378 1,187 1,191

Hawaii 986 678 308

Idaho 362 209 153

Illinois 4,347 1,686 2,660

Indiana 1,506 730 776

Iowa 1,006 505 501

Kansas 742 394 348

Kentucky 990 676 314

Lousiana 1,247 674 573

Maine 329 165 164

Maryland 2,397 1,152 1,245

Massachusetts 2,350 1,201 1,149

Michigan 2,229 838 1,390

Minnesota 2,001 606 1,395

Mississippi 632 375 257

Missouri 1,471 495 976

Montana 391 293 98

Nebraska 754 285 469

Nevada 884 217 667

New Hampshire 237 99 138

New Jersey 2,742 1,349 1,393

New Mexico 615 296 319

New York 11,718 4,093 7,625

North Carolina 2,279 838 1,441

North Dakota 235 134 102

Ohio 3,324 1,537 1,787

Oklahoma 917 459 458

Oregon 1,071 621 451

Pennsylvania 3,978 1,534 2,444

Rhode Island 385 260 124

South Carolina 1,204 503 700

South Dakota 264 137 127

Tennessee 1,855 866 990

Texas 5,053 1,873 3,180

Utah 582 201 381

Vermont 132 79 53

Virginia 2,683 1,068 1,616

Washington 3,037 1,051 1,986

West Virginia 359 262 97

Wisconsin 1,753 478 1,275

Wyoming 341 234 107

Fiscal Year 1992

State Total

State and State Local

Local Governments Governments

Governments

United States 100,725 39,001 61,725

Alabama 1,039 464 575

Alaska 637 309 328

Arizona 1,730 509 1,221

Arkansas 563 354 210

California 10,973 2,223 8,749

Colorado 1,801 441 1,360

Connecticut 1,667 930 738

Delaware 333 254 79

District of

Columbia 325 **** 325

Florida 6,268 1,572 4,696

Georgia 2,551 1,057 1,494

Hawaii 1,244 909 335

Idaho 401 211 190

Illinois 4,856 1,724 3,132

Indiana 1,493 742 751

Iowa 1,030 604 426

Kansas 878 561 317

Kentucky 1,123 823 300

Lousiana 1,271 719 552

Maine 333 163 169

Maryland 1,797 744 1,053

Massachusetts 2,310 1,350 961

Michigan 2,322 815 1,507

Minnesota 1,901 603 1,298

Mississippi 679 398 280

Missouri 1,633 536 1,097

Montana 345 209 136

Nebraska 864 297 566

Nevada 917 283 633

New Hampshire 259 110 149

New Jersey 3,158 1,886 1,273

New Mexico 580 267 313

New York 10,792 3,762 7,031

North Carolina 2,254 924 1,330

North Dakota 290 171 120

Ohio 3,954 1,880 2,075

Oklahoma 953 501 451

Oregon 1,015 440 575

Pennsylvania 4,103 1,460 2,642

Rhode Island 375 304 70

South Carolina 1,351 669 683

South Dakota 214 148 66

Tennessee 1,955 1,023 931

Texas 6,661 1,921 4,740

Utah 535 237 298

Vermont 132 75 57

Virginia 2,255 929 1,326

Washington 3,542 1,356 2,186

West Virginia 411 292 119

Wisconsin 2,273 577 1,696

Wyoming 376 263 113

Table E 2 — Indices of Producer Prices of Materials Used

in Construction

(1982 = 100, unless otherwise noted)

All Softwood Hardwood

Period Construction Lumber Lumber

Materials

1990 119.6 123.8 131.1

1991 120.4 125.7 128.5

1992 122.5 148.6 140.7

1993 128.6 193.0 163.3

1994 133.8 198.1 168.3

1995 138.9 178.4 167.0

1995 January 137.4 189.1 169.9

February 138.0 183.4 169.8

March 138.6 184.5 170.0

April 139.2 180.9 169.3

May 139.3 178.1 167.9

June 138.9 173.7 167.2

July 139.8 178.1 166.5

August 139.7 177.2 165.9

September 139.7 179.9 165.5

October 139.1 175.9 164.9

November 138.4 170.8 164.2

December 138.1 169.3 163.4

1996 January 137.7 169.2 163.5

February 137.7 170.6 164.0

March (r) 137.8 174.6 164.4

April (r) 138.2 178.5 163.8

May 139.5 191.9 163.1

June 140.0 197.5 163.2

July 139.9 191.1 162.8

August 140.6 199.3 163.1

September

October

November

December

Percent Change

1995-96 0.6 12.5 -1.7

General Prefabricated Softwood

Period Millwork Structural Plywood

Members

1990 132.0 122.3 119.6

1991 138.1 122.4 120.8

1992 146.3 132.7 147.2

1993 158.5 159.7 169.7

1994 163.6 169.3 176.7

1995 165.4 163.5 188.1

1995 January 165.2 168.2 190.5

February 164.7 166.8 183.9

March 165.1 165.8 185.9

April 165.2 165.0 184.4

May 165.3 162.9 186.9

June 165.6 161.4 178.1

July 165.7 161.1 192.9

August 165.9 161.9 198.2

September 165.9 162.7 202.1

October 165.7 162.9 196.6

November 165.0 162.2 182.7

December 165.4 161.1 175.3

1996 January 165.7 159.2 169.7

February 165.9 158.9 170.4

March (r) 165.9 159.7 166.8

April (r) 166.6 159.7 166.0

May 167.5 164.2 178.8

June 168.3 166.3 172.1

July 168.6 165.9 170.6

August 168.9 171.8 176.5

September

October

November

December

Percent Change

1995-96 1.8 6.1 -10.9

Hardwood Particle Fabricated

Period Plywood Board Hardboard

Platen – Products

type (June 1984

(Dec. 1982 = 100)

= 100)

1990 102.7 117.3 98.5

1991 102.8 117.1 97.2

1992 106.9 121.1 100.7

1993 115.4 139.3 107.1

1994 122.3 155.8 109.6

1995 122.2 155.7 111.3

1995 January 120.9 161.0 110.3

February 122.0 161.8 110.8

March 121.8 162.6 110.6

April 122.8 161.9 110.7

May 122.4 160.6 111.7

June 122.2 158.7 111.8

July 121.6 150.6 111.5

August 121.6 149.8 110.7

September 122.0 149.9 112.7

October 122.5 150.3 112.1

November 122.8 150.2 111.6

December 122.3 150.4 111.4

1996 January 123.3 150.5 111.6

February 123.6 150.2 114.0

March (r) 123.6 149.5 112.6

April (r) 123.5 149.3 112.4

May 124.1 149.9 111.0

June 126.0 149.6 107.3

July 127.2 149.1 107.9

August 126.3 149.2 121.7

September

October

November

December

Percent Change

1995-96 3.9 -0.4 9.9

Prefabricated Mobile

Period Wood Buildings Homes

& Comp.

(Dec. 1984

= 100)

1990 113.1 117.5

1991 118.2 120.4

1992 122.8 121.7

1993 132.5 127.8

1994 141.6 137.0

1995 147.8 145.7

1995 January 145.3 143.9

February 146.1 144.7

March 146.5 144.7

April 148.2 144.9

May 148.5 144.9

June 148.8 145.9

July 148.4 146.1

August 148.4 144.9

September 148.4 145.2

October 148.2 145.6

November 148.2 148.6

December 148.2 148.5

1996 January 148.9 148.5

February 149.2 148.6

March (r) 149.7 148.8

April (r) 150.0 148.9

May 150.2 148.9

June 150.2 150.0

July 150.6 150.3

August 151.1 150.2

September

October

November

December

Percent Change

1995-96 1.8 3.7

Construction Prepared Builders

Period Machinery Paint Hardware

and

Equipment

1990 121.6 124.8 133.0

1991 125.2 129.9 138.1

1992 128.7 131.6 141.4

1993 132.0 133.2 144.9

1994 133.7 135.3 148.0

1995 136.7 142.2 153.0

1995 January 135.6 138.3 150.4

February 136.0 139.4 150.8

March 136.1 140.6 152.0

April 136.2 141.9 152.9

May 136.6 142.1 153.2

June 136.6 142.4 153.7

July 136.7 143.3 153.8

August 136.7 143.5 154.1

September 137.1 143.4 154.2

October 137.3 143.7 154.2

November 137.4 143.4 154.2

December 137.9 143.9 155.5

1996 January 139.4 144.4 155.6

February 139.3 144.6 156.3

March (r) 139.4 145.8 156.4

April (r) 139.5 145.9 156.7

May 139.6 146.0 156.5

June 139.8 146.5 156.2

July 139.7 146.5 156.4

August 140.0 146.3 156.2

September

October

November

December

Percent Change

1995-96 2.4 2.0 1.4

Plastic Plastic

Period Construction Products Pipe and

Group Plumbing Fittings

Index Products (Dec. 1982

(1) = 100)

1990 117.2 108.9 104.3

1991 115.1 101.8 97.8

1992 112.7 94.0 90.1

1993 116.6 101.8 98.2

1994 122.9 111.1 108.9

1995 133.8 120.0 118.9

1995 January 129.9 115.5 113.8

February 131.8 120.4 119.8

March 132.9 121.3 120.5

April 134.8 121.8 121.1

May 136.1 122.4 121.2

June 135.3 122.0 121.7

July 135.2 121.7 120.8

August 136.3 124.2 123.8

September 134.8 121.9 121.0

October 132.6 115.9 113.8

November 134.2 119.3 117.9

December 131.8 113.8 111.3

1996 January 130.5 113.0 110.3

February 130.9 133.3 110.6

March (r) 129.8 112.4 109.5

April (r) 130.7 113.3 110.1

May 130.6 114.2 111.2

June 131.6 114.0 111.0

July 132.6 117.3 115.0

August 131.9 115.9 113.2

September

October

November

December

Percent Change

1995-96 -3.2 -6.7 -8.6

Lighting Welded

Period Fixtures Wire for

Residential Commercial Concrete

Reinforcement

1990 133.4 127.5 109.7

1991 134.5 130.6 100.0

1992 136.4 131.8 101.3

1993 137.8 132.4 104.5

1994 139.5 133.7 108.7

1995 143.2 138.9 108.9

1995 January 140.1 135.8 108.4

February 142.8 135.5 113.2

March 142.5 136.0 110.8

April 143.1 136.1 110.5

May 143.4 139.6 110.1

June 144.1 139.7 111.4

July 143.3 140.7 104.1

August 143.8 140.7 109.8

September 144.0 140.7 110.1

October 143.8 140.4 107.3

November 144.0 140.9 105.1

December 143.7 140.4 105.5

1996 January 144.0 141.2 106.8

February 144.3 141.7 104.1

March (r) 144.1 141.2 105.5

April (r) 144.4 140.7 107.1

May 144.7 141.1 107.7

June 144.4 141.4 112.8

July 144.5 141.1 111.3

August 144.6 140.8 110.9

September

October

November

December

Percent Change

1995-96 0.6 0.1 1.0

Concrete Roofing

Period Reinforcing Steel

Bars

(June 1982 = 100)

1990 109.9 109.1

1991 103.1 107.4

1992 100.1 106.3

1993 104.4 107.0

1994 115.0 109.6

1995 115.8 119.1

1995 January 116.8 113.0

February 116.4 113.0

March 120.5 118.8

April 120.2 118.8

May 119.3 118.9

June 116.6 121.0

July 116.6 121.0

August 114.8 121.0

September 113.8 121.0

October 111.4 121.0

November 111.8 121.0

December 111.4 121.0

1996 January 111.4 121.0

February 110.7 121.0

March (r) 110.7 121.0

April (r) 113.5 121.0

May 113.3 121.6

June 116.2 121.6

July 117.4 120.2

August 117.4 120.4

September

October

November

December

Percent Change

1995-96 2.3 -0.5

Building Metal Metal

Period Wire and Door Sash Moulding

Cable and Trim Trim and

Storefronts

(June 1982 = 100)

1990 159.2 131.4 137.8

1991 150.1 134.6 163.8

1992 145.6 135.0 163.9

1993 131.2 136.6 169.0

1994 148.9 142.0

1995 165.5 156.5

1995 January 172.1 151.0

February 167.7 150.6

March 164.3 156.3

April 168.7 157.0

May 162.9 157.6

June 162.6 157.5

July 167.6 157.6

August 172.9 157.8

September 160.0 157.8

October 156.7 157.8

November 166.8 157.8

December 164.1 157.6

1996 January 160.3 157.9

February 155.5 158.3

March (r) 152.0 159.0

April (r) 151.2 159.1

May 156.1 159.3

June 154.8 159.0

July 149.4 159.0

August 144.6 159.9

September

October

November

December

Percent Change

1995-96 -16.4 1.3

Steel Cast Iron Steel

Period Fencing Pressure for

and fence and Soil Buildings

Gates Pipe and

(June 1983 Fittings

= 100)

1990 116.0 137.0 118.9

1991 113.2 139.3 117.4

1992 117.0 138.2 115.5

1993 116.3 141.4 118.4

1994 110.6 137.7 122.3

1995 123.9 156.7 127.2

1995 January 122.6 153.9 124.9

February 123.1 155.1 125.0

March 124.1 154.7 125.1

April 123.8 155.2 125.1

May 123.4 155.6 125.1

June 125.4 156.3 126.7

July 125.3 157.8 127.4

August 125.5 158.1 128.5

September 124.2 158.4 129.1

October 123.6 158.3 129.4

November 123.4 158.4 129.7

December 123.9 158.4 129.9

1996 January 125.1 158.5 130.3

February 125.0 160.0 130.5

March (r) 123.8 161.1 130.6

April (r) 123.3 160.8 130.8

May 124.9 161.4 130.7

June 124.2 162.5 131.1

July 124.6 163.3 131.2

August 124.6 163.7 131.4

September

October

November

December

Percent Change

1995-96 0.1 3.5 2.3

Steel Architectural Prefab

Period for and Metal

Bridges Ornamental Buildings

Metalwork

(Dec. 1983 (Dec. 1987

= 100) = 100)

1990 115.8 118.7 111.6

1991 102.9 119.2 112.3

1992 108.7 117.7 112.3

1993 101.3 119.5 117.0

1994 94.4 113.0 113.1

1995 128.0 130.7

1995 January 125.7 129.8

February 126.3 130.2

March 127.2 130.2

April 103.0 127.5 130.2

May 103.0 127.7 130.2

June 127.8 130.3

July 103.0 128.4 130.4

August 103.0 128.4 129.1

September 103.4 128.9 130.9

October 103.7 128.8 131.8

November 103.7 129.1 132.6

December 103.8 129.6 132.6

1996 January 103.8 130.0 132.7

February 104.1 130.6 132.7

March (r 104.2 130.6 132.7

April (r) 104.2 130.9 132.7

May 105.0 131.3 133.2

June 104.8 131.3 132.9

July 104.6 131.3 132.7

August 104.6 131.0 130.0

September

October

November

December

Percent Change

1995-96 1.6 2.0 0.7

Heating Equipment

Period Group Steam Warm Air Water

Index and Hot Furnaces Heaters,

(1) Water and Domestic

Attachments

1990 131.6 132.6 129.6 124.3

1991 134.1 135.2 131.5 124.5

1992 137.3 138.0 134.8 127.9

1993 140.4 138.9 137.3 133.4

1994 142.5 138.6 138.0 137.9

1995 147.5 141.6 141.2 146.2

1995 January 145.3 139.6 138.6 145.1

February 146.5 139.7 141.1 146.5

March 147.0 140.2 141.0 146.3

April 147.2 140.4 141.1 146.1

May 147.4 140.3 141.0 146.6

June 147.6 140.6 141.5 146.3

July 147.7 141.2 141.5 146.2

August 148.1 143.4 141.7 146.3

September 148.2 143.5 141.7 146.4

October 148.4 143.5 141.7 146.3

November 148.4 143.5 141.7 146.2

December 148.5 143.5 141.7 146.3

1996 January 150.1 143.6 141.8 152.2

February 150.5 143.7 142.6 152.3

March (r) 150.5 143.7 142.3 152.8

April (r) 150.6 143.8 141.9 153.0

May 150.8 143.7 141.9 153.0

June 151.2 143.7 142.4 153.5

July 151.2 144.2 142.4 153.3

August 151.9 146.0 143.5 153.3

September

October

November

December

Percent Change

1995-96 2.6 1.8 1.3 4.8

Heating Unitary

Period Stoves, Air Conditioners,

Domestic including

Heat Pumps

1990 113.7 117.1

1991 116.6 117.6

1992 118.4 115.9

1993 118.2 115.0

1994 120.2 115.5

1995 124.2 118.9

1995 January 121.6 116.2

February 122.1 118.9

March 122.7 118.5

April 123.9 119.4

May 124.3 118.6

June 124.9 119.1

July 125.0 119.3

August 125.2 119.2

September 124.9 119.4

October 125.4 119.2

November 125.3 119.3

December 125.1 119.2

1996 January 125.2 120.3

February 125.5 121.6

March (r) 125.8 121.7

April (r) 126.2 121.8

May 127.1 121.9

June 127.7 121.6

July 127.5 122.3

August 128.0 122.8

September

October

November

December

Percent Change

1995-96 2.2 3.0

Plumbing Fixtures and Brass Fittings

Period Group Vitreous Brass Metal

Index China Fittings Fixtures

Fixtures (Jan. 1987

= 100)

1990 144.3 125.6 155.8 114.9

1991 149.7 127.0 162.5 119.7

1992 153.1 127.6 167.7 120.7

1993 155.9 127.0 172.3 121.4

1994 159.6 128.9 177.3 123.4

1995 166.0 131.9 185.1 128.2

1995 January 161.7 130.0 180.0 124.3

February 164.8 130.8 184.1 126.7

March 165.7 132.3 184.8 127.2

April 165.9 132.3 185.0 127.7

May 166.5 132.6 185.3 129.3

June 166.5 132.9 185.2 129.3

July 166.5 133.0 185.6 128.5

August 166.7 133.7 185.6 128.6

September 166.8 132.6 185.9 129.0

October 167.2 133.0 186.5 129.0

November 166.7 129.8 186.5 129.3

December 166.6 130.0 186.3 129.3

1996 January 167.6 130.4 188.2 129.2

February 170.2 130.4 191.1 132.9

March (r) 170.9 132.5 191.5 132.7

April (r) 171.0 132.8 192.0 131.6

May 170.9 130.9 192.1 132.6

June 171.2 130.8 192.1 134.2

July 171.9 133.0 192.6 133.8

August 171.4 132.1 192.5 132.6

September

October

November

December

Percent Change

1995-96 2.8 -1.2 3.7 3.1

Concrete Ingredients

Period Hard Soft Group Sand Portland

Surfaced Surfaced Index Gravel Cement

Floor Floor (1) Crushed

Coverings Coverings Stone

1990 133.0 117.0 115.3 125.4 103.7

1991 139.2 117.7 118.4 128.6 106.8

1992 142.0 117.4 119.4 130.6 106.3

1993 145.2 116.7 123.4 134.0 111.7

1994 147.5 118.1 128.7 137.9 119.5

1995 153.2 119.8 134.6 142.3 128.1

1995 January 152.5 118.9 131.6 140.3 123.3

February 152.7 119.1 132.1 140.7 124.0

March 153.3 118.7 132.4 141.2 124.0

April 153.3 119.2 134.5 141.5 128.9

May 153.3 120.2 134.8 141.8 129.4

June 153.3 119.8 135.2 142.5 129.3

July 153.3 119.8 135.7 143.1 129.6

August 153.3 119.9 135.7 143.0 129.7

September 153.3 120.4 135.9 143.3 129.9

October 153.3 120.6 135.8 143.2 129.7

November 153.3 120.3 136.0 143.6 129.7

December 153.3 120.5 135.9 143.6 129.4

1996 January 155.5 120.3 136.5 144.5 129.3

February 155.3 120.4 136.7 144.4 130.1

March (r) 155.2 121.2 137.0 144.9 130.1

April (r) 153.2 120.2 138.6 145.5 133.3

May 153.1 121.2 139.3 145.7 135.0

June 153.2 121.2 139.3 145.7 135.1

July 153.2 122.1 139.5 145.9 135.0

August 153.3 122.9 139.6 146.0 135.3

September

October

November

December

Percent Change

1995-96 0.0 2.5 2.9 2.1 4.3

Concrete Products

Period Group Building Concrete

Index Block Pipe

(1)

1990 113.5 126.9 107.7

1991 116.6 130.2 115.2

1992 117.2 130.7 114.3

1993 120.2 132.8 114.9

1994 124.6 136.0 117.2

1995 129.5 141.2 121.9

1995 January 127.8 138.1 120.4

February 128.1 138.5 120.6

March 128.5 139.0 121.9

April 129.3 141.0 121.3

May 129.3 141.2 121.4

June 129.3 141.5 121.5

July 129.6 142.0 121.3

August 129.7 142.3 121.9

September 130.0 142.2 121.9

October 130.2 142.5 122.0

November 130.8 143.0 124.1

December 131.0 142.8 124.2

1996 January 131.5 143.2 124.2

February 132.0 143.5 124.3

March (r) 132.4 143.4 124.2

April (r) 132.8 144.5 124.3

May 132.5 145.0 122.4

June 133.2 145.2 124.2

July 133.5 145.2 124.3

August 133.6 145.7 124.7

September

October

November

December

Percent Change

1995-96 3.0 2.4 2.3

Period Ready Precast Prestressed

Mixed Concrete Concrete

Concrete

1990 111.9 122.9 100.1

1991 114.7 126.2 100.0

1992 115.3 128.6 100.4

1993 118.8 130.1 102.6

1994 123.8 133.2 108.9

1995 129.0 134.4 112.2

1995 January 127.7 134.7 110.7

February 128.0 134.8 111.0

March 128.3 135.2 110.9

April 128.8 135.7 111.0

May 128.9 135.9 111.3

June 128.8 136.2 111.4

July 129.1 136.6 111.8

August 128.2 136.7 113.2

September 129.4 137.5 113.6

October 129.6 137.4 113.7

November 130.2 137.7 114.0

December 130.4 137.9 114.3

1996 January 131.0 138.7 114.4

February 131.7 138.7 114.4

March (r) 132.3 139.2 114.7

April (r) 132.7 139.7 114.4

May 132.4 139.3 115.1

June 133.2 139.3 115.4

July 133.3 140.8 115.8

August 133.2 140.8 115.7

September

October

November

December

Percent Change

1995-96 3.1 3.0 2.2

Structural Clay Products

Period Group Brick and Ceramic

Index Structural Floor

(1) Clay Tile and

(Dec. 1984 Wall

= 100) Tile

1990 129.9 115.1 132.5

1991 130.2 116.2 131.1

1992 132.0 118.0 132.6

1993 135.1 122.0 133.5

1994 138.3 125.6 135.5

1995 141.3 128.9 138.0

1995 January 139.3 127.0 135.6

February 139.7 127.6 135.8

March 140.6 128.8 136.1

April 141.2 129.0 136.7

May 141.4 129.2 137.0

June 141.8 129.2 139.1

July 141.9 129.2 139.3

August 142.0 129.4 139.2

September 142.0 129.4 139.2

October 142.0 129.4 139.1

November 142.0 129.4 139.2

December 142.1 129.5 139.3

1996 January 142.3 129.8 139.3

February 141.9 129.7 138.0

March (r) 141.9 129.9 137.8

April (r) 142.0 129.9 137.8

May 141.7 129.7 137.5

June 142.2 130.0 138.4

July 142.5 130.4 138.5

August 142.6 130.6 138.3

September

October

November

December

Percent Change

1995-96 Gypsum Products

Period Group Wallboard Wallboard

Index 1/2 inch Type X

(1)

1990 105.2 94.7 101.8

1991 99.3 87.6 95.6

1992 99.9 87.3 94.8

1993 108.3 97.0 103.1

1994 136.1 112.4 131.4

1995 154.5

1995 January 148.4

February 151.9

March 157.6

April 161.2

May 159.9

June 158.7

July 154.8

August 153.5

September 152.7

October 152.5

November 151.5

December 150.9

1996 January 149.8

February 149.5

March (r) 146.4

April (r) 145.3

May 147.4

June 152.0

July 152.0

August 157.6

September

October

November

December

Percent Change

1995-96 2.7

Cut Stone

Period and Stone Prepared Sheet Insulation Paving

Products Asphalt Plate and Materials Mixtures

(Dec. 1984 Roofing Float and Blocks

= 100) Glass

1990 121.5 95.7 98.5 108.4 101.2

1991 127.1 96.2 94.3 110.8 103.2

1992 128.1 94.3 94.1 102.3 100.2

1993 129.6 94.9 96.6 105.8 102.0

1994 130.7 92.9 106.9 112.0 103.3

1995 133.0 97.8 115.0 118.8 105.8

1995 January 131.5 93.6 110.0 117.1 104.6

February 131.4 93.9 111.8 118.6 104.5

March 132.7 95.2 111.9 119.3 104.4

April 133.1 97.6 116.9 119.4 105.8

May 133.1 98.9 116.8 118.1 105.7

June 133.2 99.4 116.7 117.8 107.1

July 133.4 99.7 116.7 117.4 106.2

August 133.5 99.1 116.5 119.8 106.5

September 133.5 99.1 116.5 120.2 106.5

October 133.5 99.3 116.3 119.7 105.6

November 133.5 99.1 115.4 119.6 106.5

December 133.5 98.7 114.9 119.1 106.7

1996 January 133.5 98.4 113.2 119.0 107.3

February 133.5 97.9 112.7 117.7 107.5

March (r) 134.0 97.9 110.6 119.4 107.5

April (r) 134.0 97.4 107.6 118.2 107.0

May 133.5 98.2 103.3 118.5 107.2

June 133.6 97.5 103.0 117.4 106.7

July 135.7 98.5 107.8 119.5 106.8

August 135.0 98.0 104.7 118.7 107.1

September

October

November

December

Percent Change

1995-96 1.1 -1.1 -10.1 -0.9 0.6

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