Widget Image
Follow PPD Social Media
Connect With PPD
Sunday, September 15, 2019
HomeNewsEconomyConstruction Spending Declined in June, Missing Forecast

Construction Spending Declined in June, Missing Forecast

New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)

Total construction spending was estimated at a seasonally adjusted annual rate of $1,287.0 billion, down 1.3% (±1.2%). The month of May was revised higher from -0.8% to -0.5%, or $1,303.4 billion.

With the June decline, construction spending is 2.1% (±1.6%) below the June 2018 estimate of $1,314.8 billion. During the first six months of this year, construction spending was $615.8 billion, or 0.5% (±1.2%) below the $619.0 billion over the same period one year prior.

IndicatorPriorRevisedConsensus ForecastForecast RangeActual
Construction Spending – M/M ∆-0.8%-0.5%0.3%-0.5% to 1.0%-1.3%
Construction Spending – Y/Y ∆-2.3%-2.1%

Spending on private construction declined to a seasonally adjusted annual rate of $962.9 billion, down 0.4% (±0.8%) from $967.0 billion.

Residential construction came in at a seasonally adjusted annual rate of $507.2 billion in June, down 0.5% (±1.3%) from $509.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $455.7 billion, down 0.3% (±0.8%) from $457.3 billion.

The estimated seasonally adjusted annual rate of public construction spending was $324.1 billion, down 3.7% (±2.0%) from $336.4 billion. Educational construction was estimated at a seasonally adjusted annual rate of $73.0 billion, down 6.8% (±2.0%) from $78.3 billion.

Highway construction was at a seasonally adjusted annual rate of $101.9 billion, down 6.4% (±5.4%) from $108.9 billion.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.