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.
CONTRACTOR SUPPLY MAGAZINE
The August/September 2024 of Contractor Supply magazine is here!
This digital edition is sponsored by BECK AMERICA Inc.
Our cover story, Father and Son visits shares the passing of the torch from one-generation to the next at Universal Fasteners & Supply of Boise.
Also in this issue are our industry updates on: Corded Power Tool; Saws and Blades; Generators; Vacuum Systems and and a special preview of the STAFDA 2024 Convention and Trade Show Planner.
This digital edition is fully searchable and contains live links to every advertiser and new product listing. Click away!
