Industry News

Real estate construction spending dips

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Private residential construction spending was at a seasonally adjusted annual rate of $527.1 billion in June, down approximately 0.6 percent from the revised May estimate of $530.2 billion, the U.S. Census Bureau reported today. Spending was up 13.3 percent from June 2003, when private residential spending was at $465.1 billion, according to the monthly report. Total construction put in place spending during June 2004 was estimated at a seasonally adjusted annual rate of $985.2 billion, or 0.3 percent below the revised May estimate of $987.8 billion, with a 1.6 percent error margin, the U.S. Census Bureau reported today. The June figure is 8.6 percent above the June 2003 estimate of $906.8 billion, with a 2.2 percent error margin. During the first six months of this year, total construction spending amounted to $458.6 billion, or approximately 8.9 percent above the $421.2 billion reported for the same period in 2003. *** Send tips or a Letter to the Editor to glenn@inman.com or c...