Construction Spending Dips 0.4% to $1.082 Trillion

Spending on construction projects fell 0.4% to a seasonally adjusted annual rate of $1.082 trillion in June, as private construction decreased 0.4% and public construction slid 0.2%, according to Commerce Department figures released Friday.

The overall decrease, which was equal to the 0.4% decrease projected by IFR Markets, followed a revised May level of $1.086 trillion, which fell from the prior month, originally reported as a 0.4% drop to $1.085 trillion.

Spending on total private construction slid 0.4% to $780.6 billion in June, compared with an unchanged level in May at $780.6 billion. Total private construction was down 9.6% from June 2007.

Construction of new single-family homes fell 3.7% in the month, while multifamily construction slid 0.4%.

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