According to the U.S. Census Bureau of the Department of Commerce, total construction spending for June 2014 was estimated at a seasonally adjusted annual rate of $950.2 billion, dropping by 1.8 percent from the revised May estimate of $967.8 billion. Compared to a year ago, the June rate is up 5.5 percent from that of the June 2013 rate, which was estimated at $900.3 billion. For the first half of 2014, construction spending has totaled $445.1 billion, an increase of 7.8 percent compared to the $413.0 billion for the first six months of 2013.
Private construction spending in June was estimated at a seasonally adjusted annual rate of $685.5 billion, a decrease of 1.0 percent from May’s revised estimate of $692.0 billion. Residential construction spending for June was at a seasonally adjusted annual rate of $355.9 billion, dropping 0.3 percent below the previous month’s revised estimate of $357.0 billion. Nonresidential construction spending for June was estimated at $329.5 billion, down 1.6 percent from May’s revised estimate of $335.0 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $264.7 billion, down 4.0 percent from May’s revised estimate of $275.7 billion. Educational construction spending for June was at an adjusted rate of $59.7 billion, down 4.9 percent from the revised May estimate of $62.8 billion. Highway construction spending was estimated at an adjusted rate of $75.3 billion for June, decreasing by 10.4 percent from May’s revised estimate of $84.0 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
