US Monthly Construction Spending Declines in June

On Thursday, the US Census Bureau reported that total construction spending during June was estimated at a seasonally adjusted annual rate (SAAR) of $2,148.4 billion, 0.3% below the revised May estimate of $2,154.8 billion. The June figure is 6.2% above the June 2023 estimate of $2,023.0 billion.

During the first six months of 2024, construction spending amounted to $1,034.8 billion, 8.6% above the $952.5 billion for the same period in 2023.

Private construction spending was at a SAAR of $1,664.6 billion in June, 0.3% below the revised May estimate of $1,668.8 billion. Residential construction was at a rate of $928.0 billion, 0.3% below the revised May estimate of $931.1 billion. Nonresidential construction was at a rate of $736.6 billion, 0.1% below the revised May estimate of $737.7 billion.

The estimated SAAR of public construction spending was $483.9 billion in June, 0.4% below the revised May estimate of $486.0 billion. Educational construction was at a rate of $101.9 billion, 0.9% below the May estimate of $102.8 billion. Highway construction was at a rate of $143.5 billion, 0.4% below the revised May estimate of $144.1 billion.