Industry News

Residential real estate construction spending falls in June

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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...