Industry News

Residential real estate construction spending falls in June

More money spent on highways, less on schools, report finds
Published on Aug 1, 2006

The rate of spending on private residential construction in June dropped about 1 percent since May but was roughly level with the June 2005 rate, the U.S. Census Bureau reported today. Residential construction spending was at a seasonally adjusted annual rate of about $641.6 billion in June. The rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. The seasonally adjusted annual rate of all construction spending in June was estimated at $1.22 trillion, which is about 0.3 percent above the revised May estimate and about 6.8 percent above the June 2005 estimate. Construction spending amounted to $569.3 billion during the first six months of the year, or about 8.5 percent above the $524.8 billion reported for the same period in 2005. Spending on private construction was at a seasonally adjusted annual rate of about $944.7 billion, or 0.1 percent above the revised May estimate of $943.6 billion. Private nonresidential...

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