Construction spending fell 0.3% in June, led downward by a 0.7% drop in residential construction, according to the Commerce Department and the Census Bureau.
Construction spending was estimated at a seasonally adjusted annual rate of$1,175.4 billion, down from the May estimate of $1,178.4 billion and 2.1% below the June 2006 estimate of $1,204.0 billion. During the first six months of 2007, construction spending amounted to $550.0 billion, 3.5 percent (±1.6%) below the $570.1 billion for the same period in 2006.
Spending on private construction fell 1.4% to a seasonally adjusted annual rate of $890.9 billion. Residential construction fell 0.7 percent to $544.3 billion. Nonresidential construction rose 0.3% to a seasonally adjusted annual rate of $346.6 billion.