Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending eked out a small gain in June, increasing 0.1 percent and surprising expectations for a mild decline. The gain stemmed entirely from a 1.5 percent rise in public construction, as private construction receded for a second month in-a-row, by 0.6 percent. Private construction fell on both fronts—residential (0.8 percent) and nonresidential (0.5 percent), particularly in the areas of manufacturing, commercial, and communication spending. Year-over-year growth in total private spending continued its ascent in June to −10.0 percent, up from −11.6 percent in May and a trough of −23.8 percent last July. The improvement has been fairly one-sided, though, as private residential construction is now up 11.8 percent over the past 12 months and private nonresidential construction continues to fall. Its 12-month growth rate remains near record lows, at −24.1 percent.