Keeping you up to date on the latest data releases.
Private construction spending rose slightly in June to an annualized rate of $493.4 billion, which is a 0.8 percent increase from May. Nonresidential spending drove the gain, increasing 1.8 percent over the month while residential was essentially flat (down 0.3 percent). Within nonresidential, all sectors gained over the month with the exception of religious and amusement and recreation. The largest percentage gains were in commercial (+3.1 percent), communication (+4.0 percent), and manufacturing (+4.0 percent). Manufacturing and commercial have managed to post monthly gains on a somewhat consistent basis; this was the fifth straight month of gains for manufacturing spending and the third straight month for commercial spending. Other sectors have been on erratic up and down trajectories. Looking at a more detailed level, within commercial spending, warehouse, and multi-retail are the sectors that have consistently posted gains over the past several months.
Spending is down from June last year in all sectors with the exception of Commercial, Communication, and Power. With the exception of Power and Transportation, construction spending is still significantly below pre-recession levels.