Construction spending in June rose 0.2% to a seasonally adjusted annual rate of $772.3 billion but remained 4.7% behind the pace of June 2010, the Commerce Department reported Monday.
The May estimate, which previously was reported at $757 billion and near and 11-year low for construction activity, was revised upward to $770.5 billion. Economists normally see a rate of $1.5 trillion as a healthy market.
The increase was fueled by a 1.8% rise in nonresidential private construction. Residential building was down 0.3% to an annual rate of $235.8 billion, but single-family construction rose 0.3% from May to a rate of $105.3 billion, still 10.6% behind last June. Multi-family was down 2.8% to$13.2 billion, 10.4% below June, 2010.
Public construction was down 0.7% to an annual rate of $278.9 billion, 9.6% behind last year's pace, with residential down 1.3% to $8.2 billion, a 21.6% drop from June of last year.
Not seasonally adjusted, private residential construction spending was down 4.7% from June of last year to $21.5 million but up from $20.7 million in May, with single-family up from $8.9 million in May to $9.5 million in June, 9.6% behind last June.
During the first 6 months of this year, construction spending totaled $357.5 billion, 5.4% below the same period in 2010.