NEW YORK — Spending on construction projects fell 0.3% to a seasonally adjusted annual rate of $1.175 trillion in June as private construction decreased 0.3%, and public construction was flat, according to Commerce Department figures released today.
The overall decline, which was contrary to the 0.2% increase projected by IFR Markets, followed a revised May increase of 1.1% or a level of $1.178 trillion that Commerce originally reported as a rise of 0.9%.
Spending on total private construction, slid 0.3% to $890.9 billion in June, compared with a revised 0.7% increase in May to $894.0 billion. Total private construction was down 5.9% from June 2006.
