Construction Spending Off 0.3% in June

Washington, August 2–The Commerce Department said total construction spending in June fell 0.3%, the first decline since January, to a seasonally adjusted annual rate of $985.16 billion.

That followed a revised 0.1% gain in construction spending in May, which had previously been estimated as a 0.3% rise. On an annual basis, total construction spending was 8.6% higher.

Economists had expected construction spending to be unchanged.

Total private construction, which includes homes, fell 0.4% for the month after a 0.3% advance in May. Residential construction fell 0.6% to a seasonally adjusted annual rate of $534.45 billion after a 0.9% gain in May. Non-residential private construction spending was flat.

Spending on public construction climbed by 0.2% in June after posting a 0.3% decrease in May. Federal government construction outlays fell by 0.1% while state and local spending went up by 0.2%.