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Value of New Construction Declines -1.3% in June 2019 to $1,287 Billion

Aug. 15, 2019
During the first six months of this year, construction spending amounted to $615.8 billion, -0.5% percent below the $619.0 billion for the same period in 2018.

Construction spending during June 2019 was estimated at a seasonally adjusted annual rate of $1,287.0 billion, -1.3% below the revised May estimate of $1,303.4 billion. According to the U.S. Census Bureau, the June figure is -2.1% below the June 2018 estimate of $1,314.8 billion.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $962.9 billion, -0.4% below the revised May estimate of $967.0 billion. Residential construction was at a seasonally adjusted annual rate of $507.2 billion in June, -0.5% percent below the revised May estimate of $509.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $455.7 billion in June, -0.3% below the revised May estimate of $457.3 billion. Spending on the construction of manufacturing (+10.5% year-over-year (YOY)) and office (+8.1% YOY) showed  largest increases in nonresidential construction categories in June, while private education construction had the biggest YOY decline, with a -15.3% decline to $17.7 billion.
Public construction. In June, the estimated seasonally adjusted annual rate of public construction spending was $324.1 billion, -3.7% below the revised May estimate of $336.4 billion. Educational construction was at a seasonally adjusted annual rate of $73 billion, -6.8% below the revised May estimate of $78.3 billion.
Public commercial construction (+21.5%) and sewage and waste disposal (+17.7%) had the biggest YOY increases.