U.S. Construction Spending Dips 0.6 Percent in June
Residential spending holds level; commercial drops 0.9 percent for month.
The U.S. Census Bureau of the Department of Commerce announced that construction spending during June 2013 was estimated at a seasonally adjusted annual rate of $883.9 billion, 0.6 percent (±2.1%)* below the revised May estimate of $889.4 billion.
The June figure is 3.3 percent (±2.3%) above the June 2012 estimate of $855.8 billion.
During the first 6 months of this year, construction spending amounted to $408.5 billion, 5.1 percent (±1.5%) above the $388.8 billion for the same period in 2012.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $622.8 billion, 0.4 percent (±1.2%)* below the revised May estimate of $625.4 billion.
Residential construction was at a seasonally adjusted annual rate of $332.1 billion in June, nearly the same as (±1.3%)* the revised May estimate of $332.2 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $290.8 billion in June, 0.9 percent (±1.2%)* below the revised May estimate of $293.3 billion.
PUBLIC CONSTRUCTION
In June, the estimated seasonally adjusted annual rate of public construction spending was $261.1 billion, 1.1 percent (±3.6%)* below the revised May estimate of $264.0 billion.
Educational construction was at a seasonally adjusted annual rate of $59.9 billion, 0.4 percent (±11.8%)* below the revised May estimate of $60.2 billion.
Highway construction was at a seasonally adjusted annual rate of $75.0 billion, 2.8 percent (±6.1%)* below the revised May estimate of $77.1 billion.
CONTRACTOR SUPPLY MAGAZINE
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