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U.S. Construction Spending Unexpectedly Sees Further Downside In June
(RTTNews) - The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June.
The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.
Economists had expected construction to inch up by 0.1 percent compared to the 0.3 percent dip originally reported for the previous month.
The continued decrease dragged construction spending down to its lowest level since hitting an annual rate of $2.123 trillion in September 2023.
The unexpected decline came as spending on private construction fell by 0.5 percent to an annual rate of $1.622 trillion in June.
Spending on residential construction slid by 0.7 percent to an annual rate of $883.1 billion, while spending on non-residential construction dipped by 0.3 percent to an annual rate of $738.8 billion.
Meanwhile, the Commerce Department said spending on public construction inched up by 0.1 percent to an annual rate of $514.3 billion in June.
While spending on educational construction rose by 0.4 percent to an annual rate of $112.7 billion, spending on highway construction climbed by 0.6 percent to an annual rate of $144.1 billion.
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