Total private residential construction spending for June registered a seasonally adjusted rate of $445.8 billion, which is virtually unchanged from the May downwardly revised estimate, according to the National Association of Home Builders’ analysis of Census Construction data.
Na Zhao, for NAHB’s Eye on Housing blog, also reports that private nonresidential construction spending fell for a third consecutive month in June, down by 1.3%.
Within private residential construction, spending on single-family and multifamily both declined in June. Single-family spending dropped to $239.6 billion in June, down 0.3% over the upwardly revised May estimate. Multifamily spending decreased to $59.7 billion, down by 1.5% since May. On an annual basis, however, single-family spending was 4.8% higher. Multifamily spending also increased by 16.4% since June 2015. Private construction spending on home improvements rose to a seasonally adjusted annual rate of $146.5 billion in June, up by 1.2% since last month.