JUNE CONSTRUCTION SPENDING DECLINES -0.3%
The value of June construction spending declined 0.3% following an upwardly revised May increase of 1.1%. The decline was weaker than the 0.2% increase that most analysts had expected. Private residential construction continued to push the construction numbers down, declining 0.7% in June, its 16 consecutive monthly decline. However, private nonresidential construction increased only 0.3% in June following a 2.8% increase in May. That was its weakest performance since January. Private spending on office, lodging and educational construction continued to increase but was partly offset by declines in the value of new construction for manufacturing structures, communications and power facilities. Public construction expenditures were unchanged in June, following a 2.3% increase in May. That reflected a decline in federal construction expenditures and a small increase in state and local spending. New street and highway construction declined as did new construction of public health care and educational facilities. Construction of other infrastructure, such as water and sewage facilities and transportation-related projects showed increases.
www.census.gov/constructionspending
Kathryn Kobe NTKN, Washington DC