U.S. Construction Spending Trends 8.6% Ahead of 2024 in June
However, all categories lag May 2024 levels.
The U.S. Census Bureau announced the following value put in place construction statistics for June 2024:
Total Construction
Construction spending during June 2024 was estimated at a seasonally adjusted annual rate of $2,148.4 billion, 0.3 percent (±1.0 percent)* below the revised May estimate of $2,154.8 billion. The June figure is 6.2 percent (±1.6 percent) above the June 2023 estimate of $2,023.0 billion. During the first six months of this year, construction spending amounted to $1,034.8 billion, 8.6 percent (±1.2 percent) above the $952.5 billion for the same period in 2023.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,664.6 billion, 0.3 percent (±0.8 percent)* below the revised May estimate of $1,668.8 billion.
Residential construction was at a seasonally adjusted annual rate of $928.0 billion in June, 0.3 percent (±1.3 percent)* below the revised May estimate of $931.1 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $736.6 billion in June, 0.1 percent (±0.8 percent)* below the revised May estimate of $737.7 billion.
Public Construction
In June, the estimated seasonally adjusted annual rate of public construction spending was $483.9 billion, 0.4 percent (±1.8 percent)* below the revised May estimate of $486.0 billion.
Educational construction was at a seasonally adjusted annual rate of $101.9 billion, 0.9 percent (±3.3 percent)* below the revised May estimate of $102.8 billion.
Highway construction was at a seasonally adjusted annual rate of $143.5 billion, 0.4 percent (±4.6 percent)* below the revised May estimate of $144.1 billion.
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