US construction spending at $1,333.5 billion annual rate declines during June: Census Bureau

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The U.S. Census Bureau of the Department of Commerce has announced that construction spending during June 2016 was estimated at a seasonally adjusted annual rate of $1,133.5 billion, 0.6 percent (±1.3%) below the revised May estimate of $1,140.9 billion. The June figure is 0.3 percent (±1.6%) above the June 2015 estimate of $1,130.5 billion, according to a news release.

However, the overall numbers for the first six months of the year reveal impressive gains from last year. From January through June, construction spending amounted to $539.8 billion, 6.2 percent (±1.3%) above the $508.1 billion for the same period in 2015, the Census Bureau reports.

Spending on private construction was at a seasonally adjusted annual rate of $851.0 billion, 0.6 percent (±1.0%) below the revised May estimate of $856.6 billion. Residential construction was at a seasonally adjusted annual rate of $445.8 billion in June, nearly the same as (±1.3%) the revised May estimate of $445.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $405.2 billion in June, 1.3 percent (±1.0%) below the revised May estimate of $410.7 billion.

Public construction overall declined at the same .06 percent level as the private sector in June, at $282.5 billion below the revised May estimate of $284.3 billion.

Educational construction was at a seasonally adjusted annual rate of $67.5 billion, 0.5 percent (±5.8%) below the revised May estimate of $67.8 billion. Highway construction was at a seasonally adjusted annual rate of $88.0 billion, 1.4 percent (±5.4%) below the revised May estimate of $89.2 billion.

See the complete Census Bureau release here.

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