Construction Spending Falls 0.4% in June

By MDM Staff

August 5, 2008

More about: Building Materials/Construction, Economy

Construction spending during June 2008 was estimated at $1,081.9 billion, 0.4% below the revised May estimate, according to the U.S. Census Bureau of the Department of Commerce.

The June figure is 5.9% below the June 2007 estimate of $1,149.4 billion. During the first six months of this year, construction spending amounted to $514.2 billion, 5.4% below the same period in 2007.

Spending on private construction was at a seasonally adjusted annual rate of $780.6 billion, 0.4% below the revised May estimate of $783.9 billion. Residential construction was at a seasonally adjusted annual rate of $372.5 billion in June, 1.8% below the revised May estimate. Nonresidential construction was at a seasonally adjusted annual rate of $408.1 billion in June, 0.8% above the revised May estimate.

In June, the estimated seasonally adjusted annual rate of public construction spending was $301.3 billion, 0.2% below the revised May estimate of $301.8 billion. Educational construction was at a seasonally adjusted annual rate of $84.4 billion, 1.5% below the revised May estimate of $85.7 billion. Highway construction was at a seasonally adjusted annual rate of $74.9 billion, 1.4% below the revised May estimate of $76 billion.

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