Construction Spending Fall 1.1% in June

Construction spending saw a sizeable drop in June, according to the latest Census Bureau construction spending report…(Census Bureau)

  • M-O-M: Construction spending fell 1.1% in June to a seasonally adjusted annual rate of $1,762.3 billion.
  • Y-O-Y: Construction spending was still up 8.3% percent when compared to the same time last year.

SWING & A MISS: Economists had projected that spending would actually be up 0.1% in June. This is biggest monthly drop since May 2020.

Residential spending saw an even bigger drop in June falling 1.6% for the month but was still up 15.4% when compared to the same time last year…

  • SINGLE-FAMILY took the brunt of the hit with a 3.1% decline in June, year-over-year spending is still up 8.4%.
  • MULTI-FAMILY actually had a positive month a 0.4% increase for the month. However, spending was down year-over-year by 0.1%.