Construction Spending fell 0.6 Percent in June

Construction spending fell 0.6 percent in June to a seasonally adjusted annual rate of $1,133.5 billion. May’s spending estimate was revised down to $1,140.9. During the first six months of this year, construction spending amounted to $539.8 billion, up 6.2 percent from the first six months of 2015.

Total private construction fell to a rate of $851.0 billion, down 0.6 percent from the revised May estimate of $856.6 billion.

Private residential construction was at a seasonally adjusted annual rate of $445.8 billion, almost unchanged from May.

Private nonresidential construction fell 1.3 percent to a rate of $405.2 billion, largely due to slowdowns in manufacturing related construction projects.

Public construction fell 0.6 percent to a rate of $282.5 billion, in large part due to declines in both educational and highway construction.

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Tim Nicholson

Tim Nicholson is an economic research associate at ABA.