Thursday, August 1, 2013

Construction Spending Dropped 0.6% in June

Construction spending decreased by 0.6% in June. Despite the decline, spending remains 3.3% above year-ago levels. June’s report also contained an upward revision to April and May’s growth by 1.0% and 0.8% respectively.

While private residential construction remained unchanged, the total loss in June was accounted for by the loss in private nonresidential construction. With a decrease of 0.9%, private nonresidential spending reversed the positive trend seen in the previous 4 months, but is still up 1.4% from year-ago levels.

Public residential saw a 1.1% decrease in spending, more than reversing the positive gains last month.

Read the Census report.

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