US Monthly Construction Spending Increased Month-Over-Month and Year-Over-Year in June

On Tuesday (8-1-23), the US Census Bureau reported that total construction spending during June was estimated at a seasonally adjusted annual rate (SAAR) of $1,938.4 billion, 0.5% above the revised May estimate of $1,929.6 billion. That figure is 3.5% above the June 2022 estimate of $1,873.2 billion. During the first six months of 2023, construction spending amounted to $917.4 billion, 3.0% above the $890.4 for the same period in 2022.

Private construction spending in June was at a SAAR of $1,516.9 billion, 0.5% above the revised May estimate of $1,509.4 billion. Residential construction was at a SAAR of $856.3 billion in June, 0.9% above the revised May estimate of $848.6 billion. Nonresidential construction was at a SAAR of $660.6 billion in June, virtually unchanged from the revised May estimate of $660.8 billion.

In June, the estimated seasonally adjusted annual rate of public construction spending was $421.4 billion, 0.3% above the revised May estimate of $420.2 billion. Educational construction was at a seasonally adjusted annual rate of $88.9 billion, 0.1% below the revised May estimate of $89.0 billion. Highway construction was at a SAAR of $128.6 billion, 0.1% below the revised May estimate of $128.6 billion.