May 24, 2018

Construction Spending Dipped in June

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Construction Spending Dipped in June

The Commerce Department reports that spending on U.S. construction projects decreased in June by 0.6 percent — the largest amount since a 2.3 percent dip in January. 

Nonresidential work fell 0.9 percent for the month, reflecting weakness in the construction of office buildings, retail centers, and hotels.  It was the first decline in this category after a fourth-month rally. 

Housing construction, meanwhile, was flat for the month, with a gain in remodeling offsetting a decline of 0.8 percent in single-family construction and a drop of 3.3 percent in multifamily housing development. 

Even with the slowdown, residential construction activity was 18.1 percent higher than in June 2012.

Source: "US Construction Falls by 0.6 Percent" Associated Press (08/02/13)

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