JUNE CONSTRUCTION SPENDING DOWN 0.4%
June Construction Spending fell 0.4%, marginally worse than expected, following an upwardly revised 0% reading in May. Private construction spending fell 0.4%, but the May data was revised up to 0% from -0.7%.
Private construction in June fell to its lowest level since June ‘04.Private non-residential construction rose 0.8% in June and now stands at an all time high.
June private residential construction, down 1.8%, fell for a 15th consecutive month following an upwardly revised 1.1% decline in May. Private residential construction in June was the lowest reading since October ‘01.
Public construction fell 0.2% in June after an upwardly revised 0.1% increase in May. Federal construction reached and all time high after gaining 2.4% in June. State and local construction fell 0.4% in June following a downwardly revised 0.2% increase in May.
Despite the upward revisions to the May data, continued weakness is clearly evident in the June data; especially in private residential construction which is now down 26.7% on the year, compared to total construction spending which is down 5.9% on the year.