Monday, August 2, 2010

Construction Spending Rises 0.1%; Entirely Due to Public Sector Spending

In June, new construction spending rose 0.1% following a 1.0% decline in May. The month’s increase was entirely due to a rise in public sector construction, which rose 1.5%. Housing construction continued to decline in the wake of the expired homebuyer tax credit. Residential spending fell 0.8%. Private non-residential spending continued to fall as well, declining 0.5%.

On a year ago basis, total construction spending was 7.9% lower. Private residential spending was up 11.8%, but private non-residential spending was down 24.1%. Public sector spending was down 4.1% from a year earlier.

Source: Census Bureau

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