US construction spending edges lower in June

(Sharecast News) - US construction spending edged lower in June, according to the Census Bureau, with declines in private construction offsetting a modest increase in public project spending. Total construction fell 0.4% month-on-month to a seasonally adjusted annual rate of $2.136trn, down 3.5% year-on-year. Year-to-date spending reached $841.5bn, down 2.9% from the same month a year earlier.

Private construction slipped 0.5% from May's revised estimate to $1.621trn, led by a 0.7% decline in residential activity to $883.1bn. Nonresidential spending also eased, falling 0.3% to $741.1bn.

Public construction inched up 0.1% to $514.3bn, driven by gains in educational and highway construction.









Reporting by Iain Gilbert at Sharecast.com