June Construction Spending Above Projections

The U.S. Census Bureau of the Department of Commerce has released June figures on construction spending. During June 2011, construction spending was estimated at a seasonally adjusted annual rate of $772.3 billion, 0.2 percent above the revised May estimate of $770.5 billion. The June figure is 4.7 percent below the June 2010 estimate of $810.4 billion.

During the first 6 months of this year, construction spending amounted to $357.5 billion, 5.4 percent below the $377.9 billion for the same period in 2010.

Spending on private construction was at a seasonally adjusted annual rate of $493.4 billion, 0.8 percent above the revised May estimate of $489.6 billion. Residential construction was at a seasonally adjusted annual rate of $235.8 billion in June, 0.3 percent below the revised May estimate of $236.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $257.7 billion in June, 1.8 percent above the revised May estimate of $253.1 billion.

In June, the estimated seasonally adjusted annual rate of public construction spending was $278.9 billion, 0.7 percent below the revised May estimate of $280.9 billion. Educational construction was at a seasonally adjusted annual rate of $66.4 billion, 4.1 percent below the revised May estimate of $69.3 billion. Highway construction was at a seasonally adjusted annual rate of $74.6 billion, 1.6 percent below the revised May estimate of $75.8 billion.