June Construction Spending Unchanged

WASHINGTON – Construction spending was unchanged in June, but is still above last year’s figure, Commerce Department figures released this morning show. Total construction spending was estimated at $864.3 billion, following a revised 0.5% decrease in May, to $864.1 billion. The May loss originally was reported as a 1.7% decline, to $869.8 billion. The June figure is up 1.1% from the same month last year.During the first six months of this year, construction spending amounted to $409.3 billion, up 1.5% from the $403.4 billion recorded in the same period last year.Economists interviewed by IFR BondData America predicted construction spending would be unchanged in June.Public construction grew 1.0%, to $212.2 billion, following May’s revised 0.5% increase, which initially was reported as a 1.8% loss. The June figure is up 1.9% from the same month last year.Educational construction was at a seasonally adjusted annual rate of $56.8 billion, 2.1% below the revised May estimate of $58.1 billion. Highway construction was at a seasonally adjusted annual rate of $58.4 billion, 1.9% above the revised May estimate of $57.3 billion.Meanwhile, spending on total private construction dropped 0.3%, to $652.1 billion, following a revised 0.8% drop to $654.0 billion the previous month, originally reported as a 1.7% decrease. Private construction is at its lowest level since October 2002, when it measured $651.1 billion, but is up 0.8% from June 2002.The flow of money into private residential buildings fell 0.4% in June. Private residential construction measured $434.8 billion, following a revised 0.8% decline the previous month to $436.7 billion, first reported as a 0.9% loss. Private residential construction is up 3.5% from June 2002.Spending on non-residential construction was unchanged at $217.3 billion in June.