Construction spending moved up for the third consecutive month in June, according to a report released today by the U.S. Census Bureau, which included upward revisions to historical data. Overall, spending improved 0.4% from May’s revised estimate to a seasonally adjusted annual rate of $842.1 billion, a 7.0% improvement from June 2011. However, once residential improvements are subtracted (the category is poorly estimated), spending’s monthly gain was 0.7%.
Private residential spending, excluding improvements, was up 3.1% for the month, with a 3.0% increase in single-family spending and a multifamily gain of 3.4%.
Private nonresidential spending gained only 0.1% in June and public construction spending remained flat, but historic data was revised up for both categories.
Claire Easley is a senior editor at Builder.