U.S. Construction Spending Ticks Up in June
Public construction inches up 0.3% for month; private construction improves 0.5%.
The U.S. Census Bureau announced the following value put in place construction statistics for June 2023:
Total Construction
Construction spending during June 2023 was estimated at a seasonally adjusted annual rate of $1,938.4 billion, 0.5 percent (±0.5 percent)* above the revised May estimate of $1,929.6 billion. The June figure is 3.5 percent (±1.3 percent) above the June 2022 estimate of $1,873.2 billion.
During the first six months of this year, construction spending amounted to $917.4 billion, 3.0 percent (±1.0 percent) 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 percent (±0.3 percent) 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 percent (±1.3 percent)* 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 (±0.3 percent)* the revised May estimate of $660.8 billion.
Public Construction
In June, the estimated seasonally adjusted annual rate of public construction spending was $421.4 billion, 0.3 percent (±1.0 percent)* above the revised May estimate of $420.2 billion.
Educational construction was at a seasonally adjusted annual rate of $88.9 billion, 0.1 percent (±1.5 percent)* below the revised May estimate of $89.0 billion.
Highway construction was at a seasonally adjusted annual rate of $128.6 billion, 0.1 percent (±2.6 percent)* below the revised May estimate of $128.6 billion.
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