EmailConstruction spending increased 0.4% in June after increasing an upwardly revised 1.6% (from 0.9%) in May. The Briefing.com consensus expected construction spending to increase 0.5%. Private construction spending increased a healthy 0.7% in June, but that was down from 2.1% growth in May.
Residential construction provided the bulk of the gain, increasing 1.3% in June after rising 3.1% in May. Spending on new structures increased 3.1% while home improvement projects fell 0.8%. Nonresidential construction increased 0.1% in June, down from 1.3% growth in May. A 3.8% gain in manufacturing construction was offset by a 3.1% decline in power construction spending. Expenditures on lodging (2.9%) and office (0.4%) both increased while commercial construction declined 1.5%. Public construction spending was flat in June after increasing 0.5% in May.
