U.S. construction spending dips 1 percent in June
Public construction lags 3.5 percent for month.
The U.S. Census Bureau announced the following value put in place construction
statistics for June 2018:
Total Construction
Construction spending during June 2018 was estimated at a seasonally adjusted annual rate of $1,317.2 billion, 1.1 percent (±1.0 percent) below the revised May estimate of $1,332.2 billion. The June figure is 6.1 percent (±1.6 percent) above the June 2017 estimate of $1,241.3 billion.
During the first six months of this year, construction spending amounted to $619.9 billion, 5.1 percent (±1.2 percent) above the $589.6 billion for the same period in 2017.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,019.8 billion, 0.4 percent (±0.8 percent)* below the revised May estimate of $1,023.9 billion.
Residential construction was at a seasonally adjusted annual rate of $568.3 billion in June, 0.5 percent (±1.3 percent)* below the revised May estimate of $570.9 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $451.5 billion in June, 0.3 percent (±0.8 percent)* below the revised May estimate of $453.0 billion.
Public Construction
In June, the estimated seasonally adjusted annual rate of public construction spending was $297.4 billion, 3.5 percent (±2.0 percent) below the revised May estimate of $308.3 billion.
Educational construction was at a seasonally adjusted annual rate of $67.9 billion, 11.0 percent (±2.1 percent) below the revised May estimate of $76.3 billion.
Highway construction was at a seasonally adjusted annual rate of $93.9 billion, 1.3 percent (±5.6 percent)* below the revised May estimate of $95.1 billion.
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