Construction Spending Down Slightly in June but Up 5% in First 6-Months of 2020 When Compared to Same Period in 2019.

The U.S. Census Bureau has announced that construction spending during June 2020 was estimated at a seasonally adjusted annual rate of $1,355.2 billion, -0.7% below the revised May estimate of $1,364.7 billion. The June figure is 0.1% above the June 2019 estimate of $1,354.1 billion. During the first six months of this year, construction spending amounted to $667.9 billion, 5.0% above the $636.0 billion for the same period in 2019. Spending on private construction was at a seasonally adjusted annual rate of $1,001.9 billion, -0.7% below the revised May estimate. Residential construction was at a seasonally adjusted annual rate of $534.2 billion in June, -1.5% below the revised May estimate. Nonresidential construction was at a seasonally adjusted annual rate of $467.7 billion in June, 0.2% above the revised May estimate of $466.9 billion. In June, the estimated seasonally adjusted annual rate of public construction spending was $353.3 billion, -0.7% below the revised May estimate of $355.8 billion. With educational and highway construction all reporting in June below May’s levels.