June Construction Keeps Pace with May but Still Running -10.2% Year-to-Year

Aug. 14, 2009
The U.S. Census Bureau and the Department of Commerce announced that construction spending during June 2009 was estimated at a seasonally adjusted annual rate of $965.7 billion, 0.3 percent above the revised May estimate of $963.2 billion

The U.S. Census Bureau and the Department of Commerce announced that construction spending during June 2009 was estimated at a seasonally adjusted annual rate of $965.7 billion, 0.3 percent above the revised May estimate of $963.2 billion. The June figure is 10.2 percent below the June 2008 estimate of $1,075.6 billion. During the first 6 months of this year, construction spending amounted to $455.6 billion, 11.4 percent below the $514.4 billion for the same period in 2008.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $643.9 billion, 0.1 percent below the revised May estimate of $644.8 billion. Residential construction was at a seasonally adjusted annual rate of $246.1 billion in June, 0.5 percent above the revised May estimate of $244.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $397.9 billion in June, 0.5 percent below the revised May estimate of $400 billion.

Public construction. In June, the estimated seasonally adjusted annual rate of public construction spending was $321.7 billion, one percent above the revised May estimate of $318.5 billion. Educational construction was at a seasonally adjusted annual rate of $91 billion, 0.4 percent above the revised May estimate of $90.7 billion.

Residential construction. On the housing front, privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 563,000. This is 8.7 percent above the revised May rate of 518,000, but is 52.0 percent below the June 2008 estimate of 1,174,000. Single-family authorizations in June were at a rate of 430,000; this is 5.9 percent above the revised May figure of 406,000.