Value of New Construction Drops Slightly in June to $883.9 Billion but Rises 5.1% YTY

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $622.8 billion, 0.4% below the revised May estimate of $625.4 billion. Residential construction was at a seasonally adjusted annual rate of $332.1 billion in June, nearly the same as the revised May estimate of $332.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $290.8 billion in June, 0.9% below the revised May estimate of $293.3 billion. Construction of privately owned electric power plants showed a healthy increase in June, increasing 4.7% to $60.8 billion. This segment is up 6.7% YTY from its June 2012 figure.

Public construction. In June, the estimated seasonally adjusted annual rate of public construction spending was $261.1 billion, 1.1% below the revised May estimate of $264 billion and down 9.3% YTY from June 2012. Public educational construction was at a seasonally adjusted annual rate of $59.9 billion, 0.4% below the revised May estimate of $60.2 billion. Public office construction had a healthy 4.4% monthly increase, to $8 billion but it’s down 25.5% from June 2012.