Value of New Construction Shows Slight Bump in June But Maintains Solid YOY Pace

The U.S. Census Bureau says construction spending during June 2015 was estimated at a seasonally adjusted annual rate of $1,064.6 billion, 0.1% above the revised May estimate of $1,063.5 billion. The June figure is 12% above the June 2014 estimate of $950.3 billion. During the first six months of this year, construction spending amounted to $482.7 billion, 8%  above the $446.8 billion for the same period in 2014.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $766.4 billion, 0.5% below the revised May estimate of $770 billion. Residential construction was at a seasonally adjusted annual rate of $371.6 billion in June, 0.4% above the revised May estimate of $370 billion. Nonresidential construction was at a seasonally adjusted annual rate of $394.8 billion in June, 1.3% below the revised May estimate of $400 billion. Multi-family construction was once again one of the stars of this construction category with a 2.8% monthly increase to $51.5 billion. That’s 23.7% better than June 2014’s $40.7 billion figure.

Public construction. In June, the estimated seasonally adjusted annual rate of public construction spending was $298.2 billion, 1.6% above the revised May estimate of $293.5 billion. Educational construction was at a seasonally adjusted annual rate of $67.2 billion, 0.2% above the revised May estimate of $67.1 billion. Amusement  & recreation is running hot with an 11% increase to $12.2 billion, 31.9% over June 2014.