Missing economists’ expectations, June was dragged down by both public and private construction.
U.S. construction spending unexpectedly fell for a second straight month in June, according to figures shared Aug. 1 by the U.S. Census Bureau.
Spending in June was estimated at a seasonally adjusted annual rate of $2.148 trillion, 0.3% below the revised May estimate. Economists polled by Reuters had forecast a spending increase in June of 0.2% month-to-month.
Year-over-year, the June figure was up 6.2%.
Year-to-date, spending through the first six months of 2024 was 8.6% above the same period in 2023.
Private Construction
June spending on private construction was at a seasonally-adjusted annual rate of $1.664 trillion, 0.3% below the revised May estimate. Residential construction was at a rate of $928 billion, 0.3% below the revised May estimate, while nonresidential construction’s rate of $736.6 billion was down 0.1%.
Public Construction
June spending on public construction was at a seasonally-adjusted annual rate of $483.9 billion, 0.4% below the revised May estimate. Educational construction was at a rate of 101.9 billion, 0.9% below the revised May estimate, while highway construction’s rate of 143.5 billion was down 0.4%.
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Spending unexpectedly fell in May, dragged down by private construction.
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Annually, however, January’s figure was up 11.7%.
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Year-to-date, spending is pacing strong at 10.9% above the first four months in 2023.
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