Construction spending at a standstill in June
Numbers released this week from the U.S. Department of Commerce announced that construction during June 2011 was estimated at a seasonally adjusted annual rate of $773.2 billion, a 0.2% increase above the May estimate of $770.5 billion. The June figure is 4.7% below the June 2010 estimate of $810.4 billion.
During the first six months of 2011, construction spending amounted to $357.5 billion, 5.4% below $377.9 billion for the same period in 2010.
Spending on residential construction was estimated at $235.8 billion in June, a 0.3% dip below the revised May estimate of $236.5 billion. Non-residential construction was reported to be $257.7 billion in June, 1.8% above the revised May estimate of $253.1 billion.
Public construction was also flat. Overall spending for June was down 0.7% to $278.9 billion. Educational construction dropped 4.1% and highway construction decreased 1.6% compared with May 2011.