Construction spending dips 0.6 percent in June to $884 billion
Construction spending fell 0.6 percent in June to a seasonally-adjusted rate of $884 billion, according to our sister site, Equipment World.
The decline follows two consecutive months of increases. Spending in June was 3.3 percent higher than it was a year ago.
Government construction spending fell 1.1 percent to $261 billion. Public residential spending decreased 2 percent to $6 billion, and public nonresidential declined 1.1 percent to $225 billion.
Total residential construction spending slipped 0.1 percent to $338 billion, while total nonresidential spending fell 1 percent to $545.7 billion.
Total private construction spending decreased 0.4 percent to $623 billion. Private residential construction held steady, but private nonresidential fell 0.9 percent.