San Fran Construction 1025

Total Construction Spending Hits $917.4 Billion In June, Up +3% YOY

Aug. 10, 2023

Construction spending during June 2023 was estimated at a seasonally adjusted annual rate of $1,938.4 billion, +0.5% above the revised May estimate of $1,929.6 billion. The June figure is +3.5% above the June 2022 estimate of $1,873.2 billion. The U.S. Census Dept. reported that during the first six months of this year, construction spending amounted to $917.4 billion, +3% above the $890.4 billion for the same period in 2022.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,516.9 billion, +0.5% above the revised May estimate of $1,509.4 billion. Residential construction was at a seasonally adjusted annual rate of $856.3 billion in June, +0.9% above the revised May estimate of $848.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $660.6 billion in June, virtually unchanged from the revised May estimate of $660.8 billion.

Single-family construction enjoyed a rare +2.1% increase in June to $378,527 billion, but it’s still down -21.5% year-over-year. The Manufacturing construction segment saw a small increase of +0.3% in June to $195,451 billion, but it’s still up almost +81% YOY.

Public construction

In June, the estimated seasonally adjusted annual rate of public construction spending was $421.4 billion, +0.3% above the revised May estimate of $420.2 billion. Educational construction was at a seasonally adjusted annual rate of $88.9 billion, -0.1% below the revised May estimate of $89.0 billion. Highway construction was at a seasonally adjusted annual rate of $128.6 billion, -0.1% below the revised May estimate of $128.6 billion.