Construction Spending Down in June, but up Year-Over-Year

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Construction spending in June fell slightly below
that in May the Census Bureau said today. 
Overall construction put in place during the month was at a seasonally
adjusted annual rate of $950.2 billion compared to $967.8 billion in May, a
decline of 1.8 percent.  The May number
is an upward revision of the $956.1 billion originally estimated, a number
which was essentially unchanged from April. 

The June rate was 5.5 percent higher
than construction spending in June 2013 which was estimated at a rate of $900.3
billion.  At the end of June construction
expenditures for the year totaled $445.1 billion, a 7.8 percent increase over
the $413.0 billion spent to that date in 2013.

Total residential construction spending
was at a rate of $361.3 billion compared to $362.1 billion in May and $337.5
billion in June 2013.  These were
differences of -0.2 percent and +7.1 percent respectively.

Private construction spending in June
was at a seasonally adjusted annual rate of $685.5 billion, down 1.0 percent
from the revised (from $682.8 billion) estimate of $692.0 billion for May and 9.2
percent higher than the estimated $627.6 billion in expenditures in June of the
previous year.

Private residential construction
spending was at a rate of $355.9 billion, down 0.3 from $357.0 billion in May,
a revision of the $354.8 billion originally reported for that month.  Private residential construction was up 7.4
percent from June 2013 when the rate was $331.3 billion.

Year to date private construction
totaled $324.7 billion at the end of June compared to $291.5 billion at the end
of June 2013, an increase of 11.4 percent. 
The comparable figures for private residential construction were $166.9 in
2014 and $151.3 billion for 2013, an increase in 2014 of 10.3 percent.

On a non-seasonally adjusted basis there
was an estimated $60.7 billion in private construction put in place in June,
$33.0 billion of which was residential. 
In May the respective figures were $58.9 billion and $31.1 billion.

Total public construction was 4.0
percent lower in June than in May with expenditures at the rate of $264.7
billion and $275.7 billion annually.  May
was revised from an original estimate of $273.3 billion.  June expenditures were at a rate 2.9 percent
below total private construction estimates in June 2013 of 272.7 billion.

Public residential constructions
expenditures were at the rate of $5.4 billion, up 6.3 percent from the May rate
of 5.1 billion but 12.3 percent below the estimate of $6.2 billion a year
earlier.

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