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June Construction Spending Drops07-31-07 | News

June Construction Spending Drops

WASHINGTON D.C. ?EUR??,,????'??+ Construction spending in June was estimated at a seasonally adjusted annual rate of $1.175 trillion, down 0.3 percent from May, according to a report by the Commerce Department.

During the first six months of this year, construction spending amounted to $550 billion, 3.5 percent below the $570.1 billion for the same period in 2006.

Spending on private construction was at a seasonally adjusted annual rate of $890.9 billion, 0.3 percent below the revised May estimate of $894 billion. Residential construction was at a seasonally adjusted annual rate of $544.3 billion in June, 0.7 percent below the revised May estimate of $548.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $346.6 billion in June, 0.3 percent above the revised May estimate of $345.6 billion.

In June, the estimated seasonally adjusted annual rate of public construction spending was $284.6 billion, nearly the same as the revised May estimate of $284.4 billion. Educational construction was at a seasonally adjusted annual rate of $80 billion, 0.6 percent below the revised May estimate of $80.4 billion. Highway construction was at a seasonally adjusted annual rate of $75 billion, 1.1 percent below the revised May estimate of $75.9 billion.