Construction spending during June 2023 was estimated at a seasonally adjusted annual rate of $1,938.4 billion, 0.5% above the revised May estimate of $1,929.6 billion. The June figure is 3.5% above the June 2022 estimate of $1,873.2 billion. During the first six months of this year, construction spending amounted to $917.4 billion, 3.0% above the $890.4 billion for the same period in 2022.
Spending on private construction was at a seasonally adjusted annual rate of $1,516.9 billion, 0.5% above the revised May estimate of $1,509.4 billion. Residential construction was at a seasonally adjusted annual rate of $856.3 billion in June, 0.9% above the revised May estimate of $848.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $660.6 billion in June, virtually unchanged from the revised May estimate of $660.8 billion.
In June, the estimated seasonally adjusted annual rate of public construction spending was $421.4 billion, 0.3% above the revised May estimate of $420.2 billion.
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