Value of New Construction Shows Little Change in June at $1,133.5 Billion (Photo by Justin Sullivan/Getty Images)

Value of New Construction Shows Little Change in June at $1,133.5 Billion

The U.S. Department of Commerce said construction spending during June 2016 was estimated at a seasonally adjusted annual rate of $1,133.5 billion, 0.6% percent below the revised May estimate of $1,140.9 billion. The June figure is 0.3% above the June 2015 estimate of $1,130.5 billion. During the first six months of this year, construction spending amounted to $539.8 billion, 6.2% above the $508.1 billion for the same period in 2015.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $851.0 billion, 0.6% below the revised May estimate of $856.6 billion. Residential construction was at a seasonally adjusted annual rate of $445.8 billion in June, nearly the same as the revised May estimate of $445.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $405.2 billion in June, 1.3% below the revised May estimate of $410.7 billion. Private office construction continues to show impressive year-over-year gains with a 19.6% increase to $56.9 billion. On the flip side, private manufacturing lagged, with a 10.4% decline to $70.6 billion

Public construction. In June, the estimated seasonally adjusted annual rate of public construction spending was $282.5 billion, 0.6% below the revised May estimate of $284.3 billion. Educational construction, the largest public building category, was at a seasonally adjusted annual rate of $67.5 billion, 0.5% below the revised May estimate of $67.8 billion. At $5.7 billion, public residential construction was down 11.8% year-over-year.

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