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By: Kendall Jones on August 1st, 2018

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U.S. Construction Spending Fell 1.1% in June

Industry News | Blog Posts

The seasonally adjusted annual rate of construction spending fell to $1,317.2 billion in June, according to the latest report from the U.S. Census Bureau. The 1.1% drop in June was the largest month to month decline since April 2017. May’s estimate was revised up sharply from $1,309.5 billion to $1,332.4 billion, making it the highest rate ever recorded. April’s estimate was also revised up from $1,304.5 billion to $1,314.7 billion.

June’s estimate for total construction spending is 6.1% higher than a year ago when the June 2017 estimate was $1,241.3 billion. Total construction put in place (CPIP) for the first half of 2018 was $619.9 billion This is a 5.1% increase over the $589.6 billion spent during the first half of 2017.

Total nonresidential construction spending was down 1.6% in June to a seasonally adjusted annual rate $742.4 billion. May’s original estimate was revised up from $749.0 billion to $754.5 billion. April’s estimate was revised back down from $748.6 billion to $744.7 billion. Total nonresidential construction is up 4.2% from a year ago.

Total residential construction was at an estimated seasonally adjusted annual rate of $574.8 billion in June, 0.5% below May’s estimate which was revised up from $560.5 billion to $577.7 billion. April’s estimate has been revised back up from $555.9 billion to $570.0 billion. Total residential spending has increased 8.7% over the last 12 months.

Private construction spending for June was at a seasonally adjusted annual rate of $1,019.8 billion. June’s estimate is 0.4% lower than May’s estimate which has been revised up from $1,005.4 billion to $1,023.9 billion. April’s estimate which was revised back up from $1,002.3 billion to $1,015.3 billion. Total private construction spending is up 6.5% from a year ago.

Total private CPIP for the first half of 2018 was $485.1 billion, up 5.2% from the first half of 2017 where private CPIP totaled $460.9 billion.

Private nonresidential construction during June 2018 was at a seasonally annual adjusted rate of $451.5 billion. This is down 0.3% from May’s estimate which has been revised up from $451.5 billion to $453.0 billion. April’s estimate has been revised down again from $453.0 billion $451.9 billion. Private nonresidential construction spending has increased 3.7% over the past year.

Private residential construction spending was at a seasonally adjusted annual rate of $568.3 billion in June. This is 0.5% lower than May’s estimate which has been revised up from $553.8 billion to $570.9 billion. April’s estimate was revised back up from $549.3 billion $563.4 billion. June’s annual rate for private residential construction is up 8.8% from a year ago.

The seasonally adjusted annual rate for public construction spending in June was $297.4 billion, 3.5% below May’s estimate which was revised down from $304.1 billion to $301.5 billion. April’s estimate was revised back down from $302.1 billion to $292.8 billion.

June’s seasonally adjusted annual rate of public construction spending was up 4.9% from a year ago when the June 2017 estimate was $283.6 billion. Total public CPIP for the first half of 2018 was $131.6 billion, a 4.7% increase from the same period in 2017 when total public CPIP was $125.5 billion.